Indexes opened with mild losses to start the day but buyers came in late which is usually what you like to see. The S&P 500 finished flat while the NASDAQ gained 0.33%. In economic news, U.S. gross domestic product came in at 2.3%, slightly below economists’ estimates. The department revised its first-quarter GDP reading to a 0.6% increase from a 0.2% contraction.
Both the indexes are at or near their big yellow blobs (long trading ranges). The NASDAQ is – once again – trying to escape. At this point trying to play an index breakout has led to failures so many times that traders will be reticent to believe the next one as they will just assume it will fail.Continue reading