European indices are holding mild gains so far on the day while US futures are mixed and not offering much. The Eurostoxx is up 0.1%, the DAX up 0.5%, and CAC 40 up 0.1%. Meanwhile, S&P 500 futures are down 0.1%, Nasdaq futures down 0.2%, and Dow futures up 0.1%.
The overall mood is tentative as investors are not really seeing much conviction to commit to anything before we get to the US CPI data release later at 1330 GMT.
That will set the tone for the remainder of the week. As for the technicals, the 100-day moving average in the S&P 500 will be the key level to watch:
Break above that and buyers may yet establish a fresh leg to the upside but fall back below and the more nervy mood in markets from last week is likely to reverberate through to the weekend.