The US GDP growth will likely boost the markets this morning. Currently, the futures are positive along with the DAX suggesting a positive open. The market condition scans are still showing a bias to the downside, but we will likely see some short covering today as the markets have been down for 4 days in a row. Finally the market bias indicators are pointing to a statistical reversal from the short term down trend. All of these factors suggest at least a positive open. Price action during the day may remain choppy depending on other economic news and any more earnings to come.
| Index | Change | %Change | Level | Phase |
| TSX | -248.21 | -2.25% | 10805.33 | Warning |
| DJIA | -119.48 | -1.21% | 9762.69 | Bullish |
| Nasdaq | -56.48 | -2.67% | 2059.61 | Bullish |
| SP 500 | -20.78 | -1.95% | 1042.63 | Bullish |
| Russell 2000 | -20.63 | -3.51% | 566.36 | Warning |
| NYSE | -166.35 | -2.40% | 6765.69 | Warning |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a slightly negative bias
Energy: moderate
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Warning |
| Technology | Bullish |
| Utilities | Warning |
| Energy | Bullish |
| Financials | Warning |
| Industrials | Warning |
| Materials | Warning |
| Consumer Discretionary | Warning |
Source: Telechart
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