Just about an hour ago at the open, S&P 500 futures were down 0.6% so that's a decent bounce. That said, it's hard to see this as being a major turning point in equities sentiment when the market landscape hasn't changed whatsoever since the Fed yesterday. Nasdaq futures have also turned positive - up 0.2% on the day - while Dow futures are up 0.3%.

In Europe, major indices have trimmed losses with the DAX now down 0.6% and CAC 40 down 0.7% after a dreadful start. Despite the light optimism in the past half-hour, it's still early in the day and I don't want to be calling any bottom especially when the charts continue to reflect the potential for a stronger technical drop. The S&P 500 may be looking towards its June lows next: