Overnight.

Euro-zone GDP was flat Q to Q and YoY, Germany saw a 0.5% above consensus of .1, France was 0, Italy contracted at 0.8% below consensus .7%; Portugal down .1% and Greece also came in lower than expected at a 6.2% decline, but because of the much stronger than expected German print, the overall Euro-zone Q1 GDP was flat on consensus of a -.2% dip, avoiding a recession in the EZ which has been taking as relatively good news.

The German ZEW Investor confidence was a miss at 10.8 on expectations of 19 and previous of 23.4, but that has been largely ignored.

Essentially Germany is decoupled with the rest of the Euro-zone and keeping it from recession.

Perhaps more important, a Greek source has said they will pay the $435 debt redemption today.

The Eco-Fin meeting is coming up in Brussels as well as US economic data.

Thus far this is what ES looks like from overnight...

ES traded mostly in line with 3C the entire night, there's a bit of a negative divergence coming in to US data, but overall a pretty respectable session.

The bounce is still within grasp.