Will we get a repeat today? S&P 500 futures are down 33 points, or 0.8%, as the selling momentum from Friday last week continues to reverberate. However, let's not forget that even with the hotter US jobs report, there was a brief period that stocks pared losses in Wall Street before the late stumble again.
Despite some early stumbles in the past two weeks, we can see how Wall Street has the appetite to turn things around as dip buying becomes more prevalent. Is that a sign of changing sentiment in the market? Well, we'll have to wait and see.
But if anything, Friday's drop after the early recovery is a sign that perhaps dip buyers won't have it so easy as there are certain quarters of the market which are more cautious and/or perhaps scaring themselves.
Also, from a technical perspective, there are some challenges despite the attempted breakout by buyers in the S&P 500 last week - as pointed out here.