DJIA    up 50    at 12,704

S&P    up  5     at  1,318

US stock index futures are firmer this morning carrying on the more positive tone of yesterday's late trade. Expectations are growing of a break-through in negotiations over a Greek debt swap deal, and this has helped to lift the euro and generally raise risk appetite. On top of this, investors were cheered after 25 out of 27 EU leaders signed an agreement yesterday which is a precursor to a closer fiscal union, which is seen as vital for keeping the single currency together.

But it isn't all about Europe. Today sees the release of earnings reports from ADM, Amazon, Exxon Mobil, Lilly, Pfizer and UPS amongst others. On the data front we'll see the Employment Cost Index, S&P/Case Shiller House Price Index, Chicago PMI and CB Consumer Confidence numbers.

Investors are still in "buy the dip" mode, and will be encouraged as the 50-day moving average has now crossed back above the 100-day moving average on the S&P 500. This now confirms the technical set-up already in place for the DOW and Nasdaq.