The Dow Jones Industrial Average (DJI) is positioned to gain ground for a sixth straight session, with rising futures pushing the blue-chip barometer closer to the 13,900 mark. Meanwhile, "We touched 1,500 briefly on the S&P 500 Index (SPX) yesterday, so that will be the hurdle to overcome for the bulls," informed Schaeffer's Senior Trading Analyst Bryan Sapp. "Below that, we have 1,474 and 1,450 as support." Sapp continued, "Near the top on Thursday, there was a dramatic spike in the CBOE Market Volatility Index (VIX) and the iPath S&P 500 VIX Short-Term Futures ETN (VXX). This tells me there are a lot of people out there leaning against the obvious 1,500 level to short the market, and we should break above it as the 'obvious' trade rarely works. Despite making new highs seemingly every day, people still seem eager to call a top."

• According to Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, this chart reveals "why new all-time highs are coming soon."
• With fundamentals in focus, see where speculators are placing wagers on Ford Motor (NYSE:F).
• How option players are using calls to bet on this tech titan.

Futures on the Dow Jones Industrial Average are nearly 62 points above breakeven.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,108,726 call contracts traded on Thursday, compared to 720,079 put contracts -- the most since Dec. 21. The resultant single-session put/call ratio fell to 0.65, while the 21-day moving average stayed at 0.64.

Currencies and Commodities

• The U.S. dollar index is down 0.2% ahead of the bell, with the currency trading near $79.83.
• Crude oil is on track to extend Thursday's gains, with March-dated crude up 0.3% at $96.24 per barrel.
• Gold futures are eyeing a third day in the red with the front-month contract 0.2% lower at $1,666 an ounce.

Earnings and Economic Data

We wrap up the week with the latest data on new home sales. Procter & Gamble (PG), Covidien (COV), Halliburton (HAL), Honeywell International (HON), Kimberly-Clark (KMB), Oshkosh (OSK), and Weyerhaeuser (WY) will take turns at the earnings plate.