Stock Index Futures Edge Up as Oil Eases
By Kristina Zurla Landgraf • Jul 7th, 2008 • Category: Broker Commentary, Market UpdatesStock index futures are edging up after the holiday break as crude oil eases slightly. Lind Plus Senior Market Strategist Jeff Friedman said if September S&P futures can stay above 1255, the market might be trying to bottom, but given earnings season is approaching and crude oil has tended to find buyers on dips–maybe not. He’d like to see the S&P close above the 20-day moving average to get more excited. He said technical momentum indicators, Stochastics and the Relative Strength Index, are oversold but neutral, so day traders should look for quick bounces to the upside. The day’s key pivot is at 1262. “If oil comes down (and dramatically fast) that should be bullish for the stock market,” he said. September S&P futures were last trading at 1270.20.
