sp'60min
Summary
The levels are pretty clear.
Bulls just need a minor kick upward this morning to take out the recent 1884 high, which will open up 1895/1905 as early as today.
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Awaiting...
ADP jobs
GDP Q1
Chicago PMI
..and the FOMC QE taper'4 announcement
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Bizarrely, Mr Permabull is actually bearish...
Oscar didn't say it in words, but it looks like he is seeking the recent low of sp'1814 to be taken out in a down wave starting this afternoon. Although he did note, if we instead break higher, they will be major buyers from Thursday onward.
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Notable early mover: TWTR, -13.6% in the $36s. Next stop would appear to be the IPO issue price of $26.00.
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Good wishes for Wednesday trading!
8.15am.. ADP jobs, 220k private sector net gains for April... a very reasonable number, but as ever, the more important one will be the BLS monthly on Friday.
8.31am.. GDP for Q1... 0.1% growth...borderline recession....that is real ugly.
Indexes are not snapping particularly lower though. sp -3pts..so far.
8.36am. So..lets get this clear...GDP is effectively zero for Q1, and the Dow is -20pts.
9.25am.. Considering the GDP data, equity bulls should be relieved we aren't opening -150/200pts on the Dow, but hey..its the 'new era' of the market, right?
A long day ahead....
Notable weakness, TWTR, -12% in the $37s, with empty air down to $26
9.37am I see a market where a fair few things are already starting to turn green.
Right now, I just don't see any downside power.
Chicago PMI coming up.....at 9.45am
VIX battling to hold minor gains of just 2%, which should be a concern for the equity bears.
9.45am.. PMI 63.... vs 56.9 exp... MUCH better than expected, and that will help to placate the market.