S&P 500 futures up by 0.2%
S&P 500 futures are seeing a W-shaped recovery ahead of US trading in a few hours, moving off lows of 0.8% during Asia Pacific trading to now sit 0.2% higher on the session.
As pointed out earlier, this had led to the dollar slipping across the board but it is still a bit too early to be drawing conclusions from this. Sure, the greenback has given up some ground but are we seeing a major risk-on move? Not quite exactly.
Sure, the recovery from 0.8% losses to 0.2% gains is encouraging but the hard part is still trying to build further gains from here - as was the case yesterday.
Until the S&P 500 claims a firm break above its 61.8 retracement level and the confluence of the key daily moving averages near 3,000, I reckon investors will still be proceeding with trepidation over the next few sessions this week.
