Rebound High Day, Followed by Inside range Day, Followed by Outside Day, and Lower close

A Classic Technical Formation on the S&P index over the past three days, if the market closes lower today, the icing on the cakeĀ  will completed.

As to GDP, if I had to make a guess on third quarter GDP, I would look lower than the median of the last two numbers, 2.2 and 4.1, or 3.15 and look for say, 2.7 as the extra fluff in the second quarter is blown away.

I have not seen the internal numbers on 2nd quarter GDP, but I will be looking at:

1) final sales to domestic consumers and

2) final sales to private domestic purchasers,

to get more insight.

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