The futures sold off hard before the European open. However the European traders are trying to take advantage of the discounted prices and have bid the markets higher.
Meanwhile, the put/call ratio is still close to overbought, suggesting it is not the time to buy for a move to higher highs:
Until I see a reading close to 1 for the ratio, I expect the markets to head lower. However, I would not be surprised by a market attempt to rally from here, as it has already corrected about 25 SPX points, the average correction since September.
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