S&P 500 up 0.9%

The second consecutive day of optimism in global markets has spilled over into US trading. USD/JPY is at a session high at 121.12 and what happens next will largely depend on stocks.

The S&P 500 is up 15 points to 1985 shortly after the open and broke above the Sept 3 high of 1975. The main resistance level to watch is the late-August high of 1993.