GDP Disappoints

GDP Disappoints

The 2.4% GDP number dissapointed and SPY is set to gap down and open ~109.1. This is terrible from a technical standpoint because it indicates that SPY has broken the uptrend and is headed for 107.1. But I have to see how the day plays out when the stock market opens, a decision can't be made based on futures data alone. SPY 109 and 108.5 are support levels, so SPY may hold there. If SPY can rally back above trendline A then all is well. But if SPY stays below trendline A then we'll be seeing 107.1 shortly.

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