Closing Brief

The market was just 5pts shy of fully retracing to the recent sp'1597 high. The moderate weakness in the late afternoon is 'interesting', but bears can't be confident until we're back in the sp'1560s. Even then, the mid-term bearish picture needs that 1536 low to be taken out.


sp'60min

Summary

Seeing the market break into the 1590s was a really disturbing sight today, and it sure started to feel like a capitulation day for the bears.

Tomorrow will be massively important. We have the big Q1 GDP data, with the market on the edge of either a major new cycle lower - <1536, or...breaking into the historic 1600s.

Which will it be...well, the weekly charts are now bullish, but the econ-permabears (inc' yours truly)... are looking for a negative growth number tomorrow. If that is the case, I'd have to believe we see a major Friday drop, turning those weekly charts back to neutral.  We shall see.
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The usual bits and pieces...across the evening.