The latest fundamental reports are indicating the U.S. economy is getting perhaps little stronger, giving a boost to stock index futures in early trade. The Commerce Department reported U.S. durable goods orders rose 1.3 percent in July, higher than analysts had expected. September S&P futures were last trading at 1271.50.

Senior Market Strategist Jeff Friedman said traders should be on the lookout for possible failed rally attempts today, as September S&P futures still look a bit bearish technically. The contract is below the 10-day moving average at 1281, and momentum indicators, the Stochastics and Relative Strength Index (RSI), are signaling sideways to lower prices, he said. On a move down, 1247 is his target for swing traders, while resistance comes in at 1294, last Friday’s high.

“I’m bearish but not overwhelmingly so,” said Friedman. “I don’t expect big short positions heading into the holiday.” Month-end “window dressing,” or even the perception of such, could give the market a lift, he said. Window dressing refers to a practice among fund managers to enhance the appearance of their portfolios before month-end or quarterly statements are made public. It typically involves selling poor- performing stocks, then buying stronger ones to have on the books at the end of the month.

The S&P 500 is hovering near flat for the month of August after two months of declines, and may be able to pull out a performance on the plus side if that month-end bounce comes. The S&P 500 is still down in the double-digits for the year.