Wall Street is attempting hard to shake off the pessimism that has engulfed it, as indicated by the U.S. index futures, which point to a higher opening on Tuesday. Asian stocks retreated sharply earlier in the day and European stocks are slumping, as the Italian election results have set in motion a worry wave concerning the fiscal stability of the nation and Europe at large. Additionally, fears that the U.S. may not avoid sequestration if lawmakers do not clinch a deal by the March 1st deadline is creating some uneasiness among traders. Traders may also have to contend with a housing and consumer confidence reading, Federal Reserve Chairman Ben Bernanke’s semi-annual Congressional testimony and some retail earnings, including that from home improvement retailer Home Depot (HD), as the markets tentatively cling onto overbought levels. The Dow futures are rising 30 points and the S&P 500 futures are moving up 3.50 points, while the Nasdaq 100 futures are adding 5 points.

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