The lead up to US trading yesterday was rather poor, as US futures slumped hard before the opening bell. But dip buyers quickly stepped in to pare losses right off the bat, only to fall short of the same key near-term level on Wednesday.
S&P 500 index hourly chart
That continues to be where sellers are drawing the line in keeping any optimism at bay on the week. The S&P 500 closed down by 0.2% but it felt like it should have been much worse before Wall Street entered the fray.
The chart above will again be a key one to watch before the weekend now. Dip buyers will have one more shot at breaking the 100-hour moving average (red line). Otherwise, the thought of weekend risk and time closing in on 2 April tariffs might start to bite at risk appetite.
For now, the market mood is calmer ahead of the European open with S&P 500 futures seen flat. But it belies the tentative caution and jitters that are still permeating across the room.
