US equity futures retrace about half of yesterday’s decline | Forexlive

Yesterday’s 1.4% drop in the S&P 500 was the worst since October and seemingly came out-of-the-blue on a late-day rout. It left an ugly mark on the daily chart to signal a potential reversal or consolidation after six weeks of non-stop buying.

The rebound today has gotten stuck in the 50-61.8% retracement range. It will need to get above that before the coast is clear. Given that the pop came without any real fundamental backing, it will be a tall task to clean up the entire decline today.

Look out for volatile moves though, as that’s the kind of thing that happens at this time of year.

Premarket gainers include Micron +7% and Salesforce +2%.