GDP Hits Mark, Stocks Open Flat
If nothing else, today’s group of GDP numbers should go a long way to reassuring investors in the viability of the U.S. economy.

Stocks have opened largely flat following release of the U.S. Q1 Annualized GDP figure. GDP hit its mark at 3.1%, reassuring skeptics that the U.S. economy has continued to grow at a formidable rate. The result has been a muted Wall Street open with the DJIA DOW (+24), S&P 500 SPX (+13), and NASDAQ (+52) trading sideways through the first 30 minutes of action.
Much is being made in the financial media about this weekend’s G20 Summit and the potential for a Trump/Xi trade war breakthrough. Whether or not that occurs is anyone’s guess; however, this morning’s GDP figures came in right on schedule:
Event Actual Projected Previous
Core Personal Consumption (QoQ, Q1) 1.2% 1.0% 1.0%
GDP Annualized (QoQ, Q1) 3.1% 3.1% 3.1%
GDP Domestic Price Index (Q1) 0.6% 0.8% 0.5%
If nothing else, today’s group of stats should go a long way to reassuring investors in the viability of the U.S. economy. Consumption is up modestly and GDP remains solid. All in all, this was a positive release in that it did not spur more talk of recession.
Solid GDP Report Spurs S&P 500 Futures
Following back-to-back losing sessions, price action is on the bull for September E-mini S&P 500 futures. Bids are hitting the market, driving prices toward the daily Double Top area.
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Bottom Line: As we roll toward the weekly close, the S&P 500 appears poised for a rally. With GDP being a non-factor, a test of the daily Double Top pattern (2967.75-2969.25) may be in the offing.
Until elected, I will have sell orders queued up in the September E-mini S&Ps from 2965.25. With an initial stop at 2970.75, this trade produces 22 ticks profit on a 1:1 risk vs reward management plan.
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