What's Keeping These Sectors Strong?

What started out as a negative day turned out to be positive for the futures. By 1:00 PM EST, the Sept. S&P 500 (SPU2 | Quote | Chart | News | PowerRating) broke out above the 38.2% retracement (890.172) and never looked back. SPU2 closed at 900.60 up 9.40. TradingMarkets.com contributor Carolyn Boroden has some key support levels that she is looking at on the SPU2. For Carolyn Boroden's Futures Perspectives click here.

The Nasdaq 100 for Sept. (NDU2 | Quote | Chart | News | PowerRating) had help from some of the tech sector standouts, such as Biotechs ($BTK.X | Quote | Chart | News | PowerRating). Today's move puts The Sept. Nasdaq 100 between the 70.7% retracement and the 61.8% retracement. NDU2 closed at 927 up 6.50.

In the Treasuries there was not much movement, with the Dec. 30-year bond (USZ2 | Quote | Chart | News | PowerRating) closing unchanged at 110.62 and the Dec. 10-year note (TYZ2 | Quote | Chart | News | PowerRating) losing .04 to 112.71.

At the Chicago Board of trade (CBOT) where grains and beans are traded, Dec. wheat futures (WZ2 | Quote | Chart | News | PowerRating) rallied all last week. This was due to ongoing weather-related problems in the US Plains states and in Canada. In addition, Australia is also having its share of wheat crop problems. Wheat futures prices set multi-year highs last week. Today wheat continued its move higher. While the market is technically over bought, the fundamental news on damaged crops could be associated wheat moving higher. Today wheat broke and closed above the 161.8% retracement level at $4.15. WZ2 closed at $4.23 a bushel up .13 or 3.17%. Dec. corn (CZ2 | Quote | Chart | News | PowerRating) closed higher by 6 1/4 cents or 2.21% to $2.89 1/2 a bushel and Nov. soybeans (SX2 | Quote | Chart | News | PowerRating) rallied up 10 1/2 cents to $5.70 1/2 a bushel a 1.88% move.

In the metals market, Dec. gold (GCZ2 | Quote | Chart | News | PowerRating) continued is move up after breaking out of an inverted head-and-shoulders pattern. Both gold and silver helped make the Phlx Gold & Silver Index ($XAU.X | Quote | Chart | News | PowerRating) one of the stronger sectors on the day. Gold for Dec. closed at $322.60 an ounce up 1.10. Dec. silver (SIZ2 | Quote | Chart | News | PowerRating) rose .06 cents or 1.32% to $4.60 an ounce. December copper was also a winner closing at 69.79 a pound up 1.55 or 2.27%.

Many of the energies continued to move up in price in anticipation of a US-led invasion of Iraq. Oct. crude oil (CLV2 | Quote | Chart | News | PowerRating) added .12 cents to close at $29.73 a barrel. Oct. unleaded gasoline (HUV2 | Quote | Chart | News | PowerRating) rose .56 of a cent to 79.20 a gallon; Oct heating oil (HOV2 | Quote | Chart | News | PowerRating) closed at 78.78 a gallon up .31. Natural gas for Oct. (NGV2 | Quote | Chart | News | PowerRating) rose .13 or 3.98% to 3.39.