Futures are up this morning despite a rough ending to the day yesterday. Right now we are seeing the Dow, S&P, and Nasdaq are all up over .4% ahead of the open along with rallies in gold, the EURUSD, and crude. The second straight day of gains in Europe seems to be leading us along with some solid earnings news.
On the trading side, for the last couple of months we have been seeing a textbook rally through a price channel:
The case of this rally is helped each time the index soundly breaks above its shorter-term moving averages and each successive high and low higher than the previous one. This can be a bullish sign, especially considering the relative strength of the U.S. markets to Europe. 1415 and 1425 are the resistance areas to watch.
Tue, August 7, 2012
by David Boland