The bad news is that stock are still in a tough spot; the good news is that they bounced well ahead of yesterday's lows.
The S&P 500 is down 76 points to 4334 after falling as low as 4287. Note the series of higher lows on the 10 minute chart, which is something to manage risk around.
It's not just stocks either, there's a coordinated turn here and AUD/USD is higher than at any point since the start of European trading. If anything, the stability and now strength in commodity currencies is a good signal.
The loonie is also getting a lift from oil with WTI up nearly $1 as the incredible resilience continues. The energy market is watching Ukraine closely but I tend to think that Europe won't risk sanctions on Russian energy. Inflation in Europe is at a six-year high.