Pre-Market Brief - GDP disappointment

Good morning, Q1 GDP data came in at 2.2% compared to the consensus expectation of 2.5%. Market is somewhat disappointed, and the 0.25% gains in futures are back to flat.We have a long day ahead. Considering the Spanish downgrade after hours yesterday, it is again somewhat annoying to see the market still recover all the of overnight losses in the futures.


SP'60min

From a MACD cycle perspective, we sure are due a move lower. Presently we have what is a double-up cycle, I've seen plenty of triple cycles in the past few years, so its still viable we go up later today - even if the morning is somewhat lower.

Considering the weak GDP number, its time for the bears to stop this nonsense up-wave!

Good wishes for Friday trading...we now have just 2 trading days left of April!