U.S Futures rose with the E-mini S&P 500 up by about 0.7% and traded around 4047 in the European trading session. The market got balanced after the hawkish comments from Fed Chair Jerome Powell which brought the Futures to tumble for around two days.

Banking, mega-cap growth, and technology stocks led while shares of Twitter fell after Elon Musk cited whistle-blower claims as a new reason to terminate the $44 billion takeover of the company.

Upcoming data includes the CB Consumer confidence and JOLTS due to release today. The VIX is around minus 3.2%, giving the market a slight bearish nuance. The yield and dollar index fell which may be supportive for the commodities while gold slipped about 0.4% and Crude oil dropped 2.4%.

Meanwhile, the economic sentiment indicator (ESI) in the Euro Area fell to 97.6 in August and Germany’s inflation rose to 7.9% vs 7.5% previously while the monthly data shows an easing towards 0.3% vs 0.9%.

The euro might be pressured by the data while the rate against the dollar is up by about 0.2%, testing the week’s upper value extreme for euro longs. In case of a drop, the rate may find support around $0.9988 which is the week’s VWAP.

The CME: ES Futures contract trades above the week’s developing value area with a slight imbalanced slope to the bullish side. The prior VWAP close level around 4037 might be of support for buyers as well as the lower value extreme of the weekly perspective. Currently, the Futures are testing buyers around the week’s DVAH level.

The daily interval found buyers around the Quarter’s developing VWAP for potential bullish bias into the New York trading session while the prior swing highs served as absorption area for a reversal currently. 

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