Yesterday I explained how we are at a tipping point in the Dow based on being at the edge of a symmetrical triangle (as illustrated below).
75% of Symmetrical Triangles are continuation patters, i.e. the Dow should keep ticking up, however it is a possible sign of a trend reversal if the Dow falls below the support line.
Earlier today, US GDP figures were released, and they were appalling. Estimated growth for the first quarter was estimated to be 1% however it fell far short at 0.2%, while the GDP price index, a broad inflationary measure was at -0.1% vs estimated 0.5%. This means that growth is slowing down while inflation is reversing, which could potentially mean a change in quantitative easing to early next year.
Currently the S&P Futures are down 0.7%.
Twitter Got Tweeted
Last night, before the official announcement of their results, a hacker was…
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