Stocks Gain As Pullback Draws Buyers

Stocks are higher again today as investors take advantage of the recent pullback to get long.

S&P 500 futures are up more than 0.6 percent and near their highs of the session at the time of this writing, while most European indexes are up 1.5 percent to 2 percent. Asia was mixed overnight as Hong Kong rose but a strong Japanese yen weighed on the Nikkei.

The S&P 500 gained almost 1 percent yesterday, attempting to rebound from a one-month slide. The pullback brought the index back to its 100-day moving average and the same 1560 area where it struggled in March. This suggests that old resistance has become support, which is potentially bullish.

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