Bottom line. The TREND is bearish
It’s tough to make much of any bounce just yet. If the S&P 500 futures can climb over 2627, it would allow for at least a bit more upside. However, any sustained move under 2596 would lead to 2586, then 2561-8.
Market Commentary:
GDP came in higher than expected: 2.9% vs 2.7%. At the same time, the Deficit came in at -75.4B, the worst in over 10 years since Summer of 2008.
The S&P 500, technically speaking
S&P 500 futures are trying to bounce. But the overall market is weighed down by the NASDAQ.
The trend remains negative until 2627 is exceeded and held for longer than a matter of minutes. There’s still a chance of a retest of lows. A break of 2596 would likely set up a whoosh to the 2560’s into Friday. The S&P 500 did record a DEMARK buy setup, but it was not “perfected”. Careful, there’s not a lot of conviction out there… and it’s choppy.
Lows over the near-term may not come into play until April 3-6.
If you have an interest in seeing timely intra-day market updates on my private twitter feed, please follow @NewtonAdvisors. Also, feel free to send me an email at info@newtonadvisor.com regarding how my Technical work can add alpha to your portfolio management process.
Twitter: @MarkNewtonCMT
Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
