Another choppy risk session going into North American trading today
The market is still in search of some firm direction in general
European equities began the session with solid gains before seeing almost all of that wiped out after the opening hour of trade, before clawing its way back higher over the past few hours as we look towards North American trading now.
Meanwhile, US futures turned slight gains into losses in the initial stages before keeping lower during the early morning trade and is now paring the declines to keep closer to flat levels. S&P 500 futures are flat while Dow futures are keeping around 0.2% lower.
The market mood continues hint at more indecision as we await another fresh set of coronavirus headlines from the US later in the day.
The pessimistic developments yesterday failed to deter dip buyers but the gains in US indices weren't of much significance as we stay in a bit of a range since last week:
Any real upside extension in the risk mood needs to see the S&P 500 break resistance around the 3,153 to 3,155 region while downside potential remains limited closer to the 200-day moving average for now. As such, the tug of war continues.