You can't reliably depend on US market futures during ASX trading hours, more often they turn just hours before US market session, especially during periods of heightened concern about the market.
Tonight attention is turned on PPI or producers price index and jobless claims numbers for direction. PPI could also overshoot to the upside and if combined with a low jobless claims , could set the scene for an upbeat economy that could start to overheat.
Markets in the US can be 6 to 12 months ahead of the actual economy, it may well be that soon the prevailing narrative could be that earnings have peaked because margins would be an issue going forwards due to higher input costs , higher taxes and regulation creating a stew of less favourable business condition.
