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Stocks Bounce, But Recovery Left Wanting

EQUITIES
  • Futures across Wall Street traded solidly Tuesday, with the e-mini S&P extending the bounce off Monday's lows to as much as 100 points. The S&P 500's real estate and energy sectors led the bounce, with industrials the sole sector to trade lower. Two stocks rose for every 1 that declined Tuesday, helping relieve some of the upward pressure on the VIX, which ebbed lower by around 3 points.
  • Despite Tuesday's bounce, the outlook is bearish following the clear breach of the 50-day EMA. A key S/T support and bear trigger has been established at 4293.75. Price needs to trade above yesterday's high of 4418.00 to suggest the tide may have turned and signal scope for stronger recovery.
  • Notable gainers in the US included Autozone, American Express and Twitter, which traded with gains of 2.5% or more, while gaming stocks including Las Vegas Sands, Penn National Gaming and Wynn Resorts slipped.
  • Equity markets across Europe were similarly positive, with the gains led by France's CAC-40 and the German DAX. Both indices traded higher by 1.5% or so, with the likes of Vivendi, Deutsche Boerse and L'Oreal leading the bounce.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market News

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