Stocks Up After Holding Key Support

Stocks are up this morning after holding a key support level yesterday.

S&P 500 futures are climbing by two-thirds of a percent and have been gaining all morning, while European markets are posting more modest gains. Asian markets fell overnight, led by a drop of more than 1 percent in China.

The S&P 500 declined more than 1 percent yesterday but remained above the key 1622 level that provided a floor May 8-10 and earlier this month. If today’s gains hold, it could be important because it would suggest that the index is not yet ready to make a lower high after its peak last month.

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