Are dip buyers back?

Yesterday's massive sell-off in stocks is being met with solid dip-buying today as EU indices are more than 1% higher during the London session. At the same time, US equity futures are advancing notably as well.
The Nasdaq 100 index is now trying to get above its 50-day moving average at 15,200 USD, and when successful, the short-term outlook could change back to bullish. 

Elsewhere, it is very likely that Chinese Evergrande will go bankrupt. Still, it should not have a sizeable systemic impact on other sectors, other than real estate and construction/ Time will tell, but the message is clear - too much leverage always ends badly. 

Today's and tomorrow's primary focus will be on the FOMC meeting, which starts Tuesday and concludes Wednesday. The Fed is widely expected to announce when it will begin reducing its asset purchase, with most investors forecasting November as the GO month.

However, considering the recent rout in stocks, the Fed might sound dovish and possibly delay the tapering decision to avoid further losses in equities. 

In FX, it looks like yesterday's derisking did not even happen as all the major FX pairs showed only minimal volatility. The EURUSD pair is advancing today, confirming the positive sentiment in the markets. 
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