GDP Beats, Stocks Yawn

Q1 GDP came in at 3.2%, a big beat versus the 2.3% most expected.

Futures, which nailed our SMA10 target yesterday and had been in the process of breaking down, shot up to the top of the triangle pattern we’ve been watching — not enough to register as a breakout.

It will be interesting to see how the Fed spins the latest data to fit their dovish stance.  Our downside narrative remains intact.

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