Macro Morning

By Chris Becker

Another night of volatility, another night of almost capitulation before the brave bulls stampeded prices back to near opening levels. Here’s the short term picture on US stocks, with the S&P500 following European markets down before the cash open, matching yesterdays bottom before rallying up to 2-day resistance:

That resistance (the upper orange horizontal line at 1862 points) is easier to see on the four hourly: