Stocks are gaining this morning after making a higher low on Friday.
S&P 500 futures are up more than half a percent but have retreated from earlier levels, while European indexes are gaining more than a full percentage point. Perhaps most important was a rally of almost 3 percent in Tokyo as the Japanese yen showed signs of stabilizing.
The S&P 500 bounced at its 50-day moving average last week and closed Friday’s session above the key 1523 level that was support earlier in the month. The price action suggests that there few sellers who want to exit stocks after the index held support above its previous all-time highs. There was some evidence in recent sessions that hedge funds were trying to drive equities lower, but now the bears appear to be in retreat.
— Option Monster