Monday’s Futures Setups

The Sept. S&P 500 completed its fourth
positive week of trading. On the daily chart, the Sept. S&P 500
(SPU2)
has butted its head on the 50-day moving average (934) on the daily chart. The
Sept S&P 500 Index closed down by 2.50 to 928. The S&P 500 has support at around
the 925/926 level. If the S&P 500 can break through the 50-day moving average
the next resistance barrier will be at 952. For a look at Carolyn Boroden’s
Futures Perspectives

click here.

On the daily chart, the Sept. Nasdaq 100 (NDU2)
did not get as close to its 50-day moving average as the Dow or S&P, but it is
heading in that direction and did close positive for the day. The Nasdaq 100
futures closed up 6.50 at 995.50. Overhead resistance is at the 50-day moving
average at 1019.56. Support is at the 935.

The Fed watch has come and gone, which gave the
bonds and notes some interesting action this past week. On the daily chart both
the Sept 30-year bond (USU2)
and the Sept 10-year note are pulling back from their highs. The USU2
closed down at 108.56 a loss of 1.50 or 1.36% and TYU2 closed at 111.51 down
1.01.