Technical analysis
The S&P 500 is comfortably into positive territory, up 8 points to 1929 after falling as low as 1891 shortly after the open.
Technically, the reversal points to further gains. It took hold almost right at the 38.2% retracement of the rally since Feb 11.
The stock market now sets its sights on the 1946/50 zone of resistance. There is a minor double top in place that this burst of momentum will challenge.
In general, a market that only retraces 38.2% after forming a double top is likely to break above that top.
Outside of the US, look for this reversal in market fortunes to spur buying in risk assets around the globe.
