Off to the Races for Global Markets

Major global indices are up sharply this morning with Hong Kong's Hang Seng leading the way -- up 6.4% overnight. While strong overseas markets typically set the tone for a positive open in the U.S., we would remind readers that most of these indices were closed yesterday in observance of Easter. Therefore, international markets are playing catch up from yesterday's rally in the U.S.

As far as today's trading in the U.S. is concerned, many investors are watching the 1,350 level on the S&P 500, where the downtrend that's been in place since last Fall comes into play.