As I'm writing now, overseas stock markets are up. The Hang Seng is up by more than 10% (Nikkei is closed today) and the major European markets are up by at least 4%. The S&P 500 low on Friday was about 40 points away from the 800 support level I mentioned in Where is the Market Bottom?. Its still early to rejoice on this positive market move, but if the US stock market can sustain it and close in the position territory for the first time in many days, then we are one step closer to a possible bounce.
This is an important week with many bellwether stocks announcing earnings and we've also got some key economic data being released.
Mon: Assistant Treasury Sec Kashkari speaks about implementation of economic stabilization Act