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.
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!