S&P futures were down in early trade a worse-than-expected corporate earnings report from Dell, an uptick in oil prices, and a report showing personal spending in July dropped from June’s pace. The Commerce Department reported a 0.2 percent rise in consumer spending, slower than the 0.6 percent increase in June. Personal income fell 0.7 percent at a seasonally adjusted rate, compared to the month before. The S&P looks to be on track for a mildly positive performance for the month of August, after a bearish June and July.

Lind Plus Senior Market Strategist Jeff Friedman said the theme of the day is “holiday markets with thin and choppy trading,” as participants clear out before the Labor Day holiday Monday. He said while not much can be made of today’s action, the September S&P futures look slightly positive on an intermediate basis, moving above the prior reactionary high at 1294 Thursday. Momentum indicators, the Stochastics and the Relative Strength Index (RSI) have turned from bearish to neutral, and may be signaling better prices ahead, he said.  Friedman said a close above 1306 would put the bulls in command, with resistance seen near the month’s high at 1313 on a move up. A slide back under 1291, and possibly a close under 1261, would put the bears back in command.  S&P futures were last down  5.50 at 1292.50.