Globex rally

The S&P futures are up almost 20 points in the overnight globex session. It seems that that the news over the weekend in regards to China's easing of their fixed rate currency policy with the U.S. has motivated this oversold rally to begin. Last Friday was expiration and was very contained in regards to moves and participation. We should see more players today as expiration influences should be ending and new positions initiated. There is no news of significance today but this week should provide some volatility with the FOMC announcement on Wednesday afternoon. The Daily Cook Cumulative Tick indicator or daily CCT stands at -163 which is in oversold territory, this market was due for a rally and we will see if we can continue the move up into the U.S. session. Technically there is resistance around the 1130-1135 area on the S&P futures and support is down at the 1100-1108 area.