Will the US ISM Service sector index come to rescue the S+P 500 this afternoon?

Well, if ever the markets wanted to see some data that might add positivity to the current risk averse dynamic then it would surely be from the US service sector ISM report this afternoon. That is due for release at 2pm GMT and it is expected to show a marked improvement. The index stood at 48.8 in June and the forecast is for a rise to 51 in July. We saw the reaction to the lower than expected ISM manufacturing index last week, which was then compounded by the poor US jobs report soon after. We should also consider the other components of the index (Employment, New Orders and Prices Paid).  So, today as far as the US markets are concerned, this data is crucial. The S+P 500 index is the focus here in that respect and it closed on Friday at 5,346.56 with a loss of 100.12 points on the day. Much earlier this morning the S+P 500 futures were pricing a potential reopening below 5,175. They have bounced from there now, but almost certain to open lower, just before this data hits the wires. The index is currently priced to reopen at around 5,205