The S&P500 had a strong bull move above 2,800.00 this Tuesday after last week crash.
Bulls seem determined to resume the bull trend and they will have to keep the market above the 200-day simple moving average in order to create a strong base.
The RSI, MACD and Stochastic indicators are recovering from oversold condition but bulls will need to reclaim the 100 and 50 SMA in order to get out of the woods.
Main trend: Bullish
Short-term trend: Bearish
Resistance: 2834.25, 2853.00, 2863.75
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The pan-European Stoxx 600 was up around 0.5 percent shortly after the opening bell, with most sectors and major bourses in positive territory.
European shares continued their bounce on Wednesday led by technology shares, as upbeat earning updates including from semiconductor bellwether ASML came to the rescue following a turbulent start to the month.
ASML (ASML.AS) shares rose 10 percent after the Dutch equipment supplier to computer chipmakers posted a stronger-than-expected rise in third-quarter earnings that should ease worries over a slowdown in the semiconductor market.
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MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.7 percent and South Korea 1.2 percent, while spreadbetters pointed to opening gains for the major European bourses.
• Japan’s Nikkei share average rose on Wednesday, continuing its recovery from last week’s sharp downturn with a turnaround by Wall Street peers lifting technology stocks.
The Nikkei ended the day up 1.29 percent at 22,841.12 after touching 22,959.41, its highest since Oct. 11. The index rose for the second straight day following Monday’s descent to a five-week low.
• China stocks managed closed firmer on Wednesday, aided by gains in shares of infrastructure and utilities firms.
The blue-chip CSI300 index ended 0.6 percent higher at 3,118.25 points while the Shanghai Composite Index also gained 0.6 percent to 2,561.61 points
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