Market trading down 1/2 a percent in the early going ahead of the GDP report. Consensus estimates expect 2% growth in GDP. Lets watch to see if the report beats or misses estimates. Consider fading whatever direction the market moves following the report.
Levels to watch for S&P 500 Futures (ES)
Support below at 1165-1167 and 1160-1162
Resistance above at 1179-1181, 1186-1188 and 1191-1193
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GDP comes in as expected at 2%, but the GDP Price Index came in slightly better than expectations at2.3% versus 1.9% estimates. We had a 5 point range in the 10 minutes that followed the announcement, 2 points down and 3 points up, but the market is more or less flat and still set to open lower...
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