S&P 500 futures gain 0.60 percent in Asia

S&P 500 futures indicate relief rally could be in the offing.
The index defended the 200-day MA support last week.

Omkar Godbole FXStreet Contributor

Currently, the S&P 500 futures are up 0.64 percent or 18 points at 2637, indicating the index could extend Friday's rebound from the 200-day MA support.

The index printed an intraday low of $2532 on Friday; its lowest level since early October before closing higher at 2619. Thus, support of the 200-day simple moving average (seen at 2539) remains intact.

A positive follow-through today as indicated by the positive action in the futures would boost speculation that markets have found a bottom. That said, the relief could be short-lived as a better-than-expected US CPI release on Friday may see yields rise even further.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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