The S&P futures are struggling in early trade after a positive close on Thursday and what’s looking to be a positive week overall. Lind Plus Senior Market Strategist Jeff Friedman notes it’s last day of the fiscal year for many mutual funds and hedge funds, and that could add pressure amid redemptions. On the flip side, the last day of the month has been tied to “window dressing” activity as managers try to get their losers off the books in favor of better-looking stocks, and that can lift the market. “The market is suggesting one more intraday drop, but we’ll see how we close the week. We have two forces fighting each other, and it could be a choppy trade,” he said.

According to a Bloomberg article, selling by money managers to meet redemptions helped push the S&P 500 down 18 percent this month, the most since the crash of 1987.

Friedman notes the December S&P futures closed above their 20-day moving average at 952 on Thursday, a positive sign, but technical momentum indicators, Stochastics and the Relative Strength Index (RSI), are still bearish. “The bears still have technical command of the market,” he said. He said a weekly close near the top end of the range would mark a reversal, while a close above last week’s high would mark a key reversal. He sees 970 as minor resistance, near Wednesday’s high. A fall under 825 would likely bring 768 into view. The10-day moving average and support is at 921, Friedman said.