Q4 advanced GDP came in at 3.3% annualized versus 2.0% estimates and full year 2023’s 2.5%. The PCE price index and durable goods orders came in as expected, though durable goods ex-transportation came in sharply higher than estimates. The numbers…
Futures had already bounced at the rising white channel midline, but extended their gains after the data dump. The more important chart to watch, however, remains SPX itself.
New home sales are due out at 10 ET.
continued for members…
The rest of the data, with a signficant beat also for initial claims.
After a sharp overnight ramp, SPX reversed below its 2.24 yesterday. This is very important to keep an eye on as in and of itself it’s a very bearish development.
The resurgence over the past few days had unwound the bearish 10/20 cross.
The ECB left rates alone this morning, and EURUSD is still likely to break down.
Even so, DXY remains stuck at its SMA200.
Oil and gas continue to seep higher, with CL almost to its SMA200.
The 10Y initially surged on the GDP print, but has settled back down to a slight decline. 
I’ve been advised by our ISP that our service will be out for much of the day. So, I’ll sign off for now and post more at the end of the day if able.