Reply #17: pre-opening blather [View All]

[UpInArms]

briefing.com

8:55AM: S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +7.5. Futures trade comes off its highs, but continues to point to a higher open for the indices... Huge gains in the European bourses, a dip in oil prices, positive analyst commentary on IBM and YHOO, and encouraging earnings reports from the likes of NOC have contributed to the buying efforts.

8:37AM: S&P futures vs fair value: +5.2. Nasdaq futures vs fair value: +10.5. ECI and initial claims data haven't disrupted the positive bias this morning as both were essentially in line with estimates... In fact, futures have ticked higher in the wake of their release

8:06AM: S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +6.5. Positive bias in the futures market this morning aided by the carry-over momentum from yesterday's late rebound and a dip in oil prices that stems from reports that Russian oil company Yukos will not be prevented from selling oil

ino.com

The September NASDAQ 100 was higher overnight due to short covering as it consolidates some of Wednesday's loss. September continues to consolidate above key support marked by March's low crossing at 1373. Closes below this support level would open the door for a possible test of weekly support crossing at 1346 later this summer. Closes above the 10-day moving average crossing at 1392.85 are needed to temper the bearish outlook in the market. Stochastics and the RSI are oversold and have turned neutral to bullish hinting that a low is in or is near. The September NASDAQ 100 was up 5.50 pt. at 1390.50 as of 6:49 AM ET. Overnight action sets the stage for a steady to firmer opening by the NASDAQ composite index later this morning.

The September S&P 500 index was higher overnight as it extends Wednesday's short covering rally and is trading above the 75% retracement level of the May-June rally crossing at 1095.17. Stochastics and the RSI are oversold and have turned bullish signaling that a low is in or is near. Multiple closes above the 10-day moving average crossing at 1095.18 are needed to temper the near-term bearish outlook in the market. If September extends this month's decline, May's low crossing at 1079.50 is the next downside target. The September S&P 500 Index was up 1.70 pts. at 1097.20 as of 6:52 AM ET. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.