U.S. Q2 GDP On Schedule, Stocks Rally
Fueled by an uneventful U.S. Q2 GDP report and reassurances that China has no plans to further raise tariffs (for now), bullish sentiment is dominating Wall Street. For the first half-hour of trade, the DJIA DOW (+296), S&P 500 SPX (+34), and NASDAQ (+113) are well into the green. At least through the early going, equities players are bidding everything in sight.
During the U.S. premarket hours, the much-anticipated Q2 GDP report was released to the public. Here is a look at the highlights:
Event Actual Projected Previous
GDP Annualized (Q2) 2.0% 2.0% 2.1%
GDP Price Index (Q2) 2.5% 2.4% 2.5%
Core Personal Consumption (QoQ, Q2) 1.7% 1.8% 1.8%
Q2 Annualized GDP has come in on schedule at 2.0%. While this figure is below that of Q1, it does suggest that the American economy continues to perform as expected. Traders are taking the news with optimism, going “risk-on” in U.S. stocks.
Q2 GDP In, S&P 500 On The Bull
At press time (10:15 AM EST), it is all systems go for the September E-mini S&P 500. Values are trending north toward a key 62% Fibonacci retracement.
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Here are the levels to watch until today’s closing bell:
- Resistance(1): 62% Retracement Of Late July/August Sell-Off, 2932.50
- Support(1): Bollinger MP, 2906.75
Overview: The key technical area to watch in this market is the 62% Retracement at 2932.50. Price has tried ten times during August to crack this key technical level; if it goes, watch out for a quick return to the 3000.00 handle. If not, prices are likely to continue within August’s range for quite some time.
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