S&P 500 futures gain 0.60 percent in Asia

• S&P 500 futures indicate relief rally could be in the offing. 
• The index defended the 200-day MA support last week. 

Currently, the S&P 500 futures are up 0.64 percent or 18 points at 2637, indicating the index could extend Friday's rebound from the 200-day MA support. 

The index printed an intraday low of $2532 on Friday; its lowest level since early October before closing higher at 2619. Thus, support of the 200-day simple moving average (seen at 2539) remains intact. 

A positive follow-through today as indicated by the positive action in the futures would boost speculation that markets have found a bottom. That said, the relief could be short-lived as a better-than-expected US CPI release on Friday may see yields rise even further.