Russell 2000 futures rising

The Russell 2000 (NYSE:IWM) futures are higher and the small-cap index will likely open in the green.

Personal income rose a more-than-expected 0.5% in February, the U.S. Commerce Department reported this morning. Economists were expecting an increase of 0.3%. The same report also showed that personal spending increased 0.1%, in line with projections.

The bullish pre-market sentiment is in part in reaction to news that Citigroup Inc. (NYSE:C) recommended buying shares of financial services company Lehman Brothers Holdings Inc. (NYSE:LEH).

The Russell 2000 ended the day Thursday with a thud, closing out near the lows at 692.39, down 9.73, or 1.39%, for the day. The 10:00 a.m. ET sentiment figures could also stir some reaction in the market.

It would provide a lift for the index to close out the week above 685, to help validate the recent upward draft off the lows. In addition, a close on Monday above 686.05 would provide the first monthly close above opening levels since October, which is an astoundingly long time for any market. For short-term traders, support comes in Friday at 686, 680 and 674. Meanwhile, resistance is pegged at 700, 706 and 714.

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