Risk continues to hold steadier in European morning trade
Not a whole lot going on thus far
European indices are posting slight gains so far on the session while US futures are seen up 0.2%, as risk tones keep steadier and calmer after the bounce yesterday.
That sets up a less nervous start perhaps towards North American trading later but there are still some near-term challenges for dip buyers later.
The S&P 500 erased almost all of its decline on the week after closing at 4,159 yesterday but still faces resistance from its key hourly moving averages @ 4,160-63 currently.
It is a similar case for the Dow as well, holding around its key hourly moving averages with both indices also reflecting some semblance of a short-term double-bottom pattern.
So, break above the key near-term levels and the bias returns back in buyers’ favour, which will set up a good platform to build upon after the fall last week.
As for the Nasdaq, the rebound yesterday saw it wipe out its losses for the week and is now positive. The 200-hour moving average is seen closer to 13,725 and is the next resistance region to watch for the index.