This carries over from the rebound at the end of last week, as equities (or more specifically, the S&P 500) are holding at key technical levels at the moment.

I've been highlighting the 200-week moving average (blue line) and the 50.0 Fib retracement level in the region of 3,505 to 3,605 as being the key support area for the S&P 500 at the moment and that is still the case. It is cause enough for a decent bounce technically but I still hold my reservations about any major turnaround in sentiment in the bigger picture.

If you want to look more closely, we've been posting a series of lower highs, lower lows since the retreat at the start of the year.

So far today, the more positive mood is keeping up with S&P 500 futures up another 28 points, or 0.7%, at the moment. That comes after Netflix earnings helped to bolster sentiment but it's hard to really argue for a bottom when the global outlook remains this bearish.

But at least for now, as we head into the central bank bonanza in the next two weeks, we are seeing some relief and that is also helping with broader market sentiment a little. Otherwise, the dollar would be running riot once again in the major currencies space as well.