There was a bit of a brief hiccup in the handover from Asia to Europe but the mood music is starting to feel better again now. S&P 500 futures are now up 0.4% and Nasdaq futures up 0.7% so far on the session. And that is also keeping European indices in good spirits, with the DAX up 0.6% and CAC 40 up 0.9% currently.
The rebound yesterday is seeing the S&P 500 start to drag itself back above its 100-day moving average of 5,310. And if buyers can continue that momentum today, it will bode well for broader market sentiment as stocks look to bury the hatchet on the steep declines at the start of August trading.
At the close yesterday, the S&P 500 found itself down by just 0.5% on the week. It will make a very impressive turnaround on the week if buyers can seal a higher weekly close as such.
This article was written by Justin Low at www.forexlive.com.
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