Pre-market update (updated 8:30am eastern):
European markets are trading -0.3% lower.
Asian markets traded 1.0% higher. .
US futures are trading slightly lower ahead of the opening bell.
Economic reports due out (all times are eastern): MBA Purchase Applications (7am), ADP Employment Report (8:15am), GDP (8:30am), EIA Petroleum Status Report (10:30am), FOMC Meeting Announcement (2:15pm)
Technical Outlook (SPX):
Significant bullish engulfing candle on the SPY and SPX yesterday that wiped away the previous day's losses.
The push higher was done on very low volume, which casts doubt on the legitimacy of the move higher.
GDP was a surprising -0.1% while expectations were at +1.0%. That is a huge miss on one of the biggest reports, yet the market hardly cares.
Fed policies continue to fuel a market higher in a languishing economy.