Can the bulls do it again?

S&P 500 futures are up 4 points today despite the rout in China. There is some help from lower bond yields and the 4% decline in oil prices but overall resilience in equities has been remarkable.

For the past week, we’ve seen a consistent pattern of softish futures followed by impressive buying in the cash market. The S&P 500 hit a record yesterday and earnings from Citi, Bank of America, Goldman Sachs and Johnson & Johnson today beat estimates. One laggard is United Health, down 3.2% premarket following earnings due to lower top-line guidance.