Massive jump after fall below 200-day moving average
S&P 500 futures are 80 points from the overnight lows at 2855.
The worst levels came after the US labelled China a currency manipulator. The South China Morning Post is out now with an article on that topic, saying it could be laying the groundwork for more US tariffs.
Even with the bounce, futures are only pointing to an 11-point gain at the open. That's the kind of modest number that invites selling.
The 200-day moving average in the S&P 500 is at 2790 in the futures and spot. That's a long way down but it's a big level.
I think at some point today US stocks will dip into negative territory and there's a risk that the sellers just take over. That will be the defining moment of trading today.
