The Dow Jones Industrial Average (DJI) is on pace to extend Thursday's downward momentum, with futures trading in the red ahead of the bell. Investors remain cautious following a week of hot-and-cold economic data, and in today's session, durable goods orders will be in focus. The report is slated for release at 8:30 a.m. ET.

Looking elsewhere on the Street, Schaeffer's Senior Trading Analyst Bryan Sapp notes that, "The two major levels going forward are the S&P 500 Index (SPX) at 1,650 and the Russell 2000 Index (RUT) at 1,000. The RUT failed miserably at the 1,000 level on Wednesday, and it's never a good thing to make a new all-time high and then close on the lows." This is especially true, he says "on a 'good news' day, where Fed Chief Ben Bernanke made pro-market remarks."

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Futures on the Dow Jones Industrial Average are sitting roughly 35 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 833,646 call contracts traded on Thursday, compared to 562,693 put contracts. The resultant single-session put/call ratio stayed at 0.67, while the 21-day moving average rose to 0.59.

From the Trading Floor

"The American Association of Individual Investors (AAII) and National Association of Active Investment Managers (NAAIM) numbers came out yesterday," continued Sapp. "Not only were both very high, but they showed increases from previous weeks. Sentiment has become very bullish, and, in my opinion, a pullback could be very healthy for this market."

Currencies and Commodities

• The U.S. dollar index is down 0.3% ahead of the bell, with the currency trading at $83.56.
• Crude oil is bracing for an 0.8% drop right out of the gate, with the front-month contract last seen at $93.48 per barrel.
• Gold futures are on pace to pare a portion of Thursday's gains, with gold for August delivery 0.4% lower at $1,385.70 an ounce.

Earnings and Economic Data

The week closes out with durable goods data and earnings reports from Abercrombie & Fitch (ANF) and Foot Locker (FL).