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US equity markets finished in the red yesterday, but the story of the session was the intraday rally seen from lows made around 11 AM ET right through the close.  90 minutes into the trading day, the S&P was down well over 1%, but the index rallied about 75 basis points over the final five hours of the day to close down just over 40 bps.

Heading into today’s session, futures are higher by about 20 bps.  That should be enough to get the S&P above the top of the intraday downtrend channel that has formed over the last week, but whether it holds is a different story.  We’ll find out in a few hours!

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