S&P 500 Recap

Well the GDP came out at 830 and it showed the economy slowed sharply in the first three months of the year as high gas prices cut into consumer spending, bad weather delayed construction projects and the federal government slashed defense spending by the most in six years.

The government says the economy grew at a 1.8 percent annual rate in the January-March quarter. That was weaker than the 3.1 percent growth rate for the October-December quarter and the worst showing since last spring when the European debt crisis slowed growth to a 1.7 percent pace. The futures are down slightly off of that and continuing claims data. 

Yesterday, the S&P 500 finally took out the 1344 high it first printed in Feb 2011. April 12th I pointed out the inverse HNS pattern in the SPX and that is now playing out. This should take it up to 1440. Support is now at 1344.

NYSE: 04/27/2011

	issues		volume
Advances	1974		626903
Declines	1064		281032
Difference	910		345871
10% Trend	390	. 579	92050
5% Trend	278	. 449	56570
McC OSC	112	. 130	35480
PRIOR McC OSC	87	. 656	22504
SUMM Index	2775	. 319	246377
PRIOR SUMM Index	2663	. 189	210897
A-D for OSC UNCH	503		128 *
A-D for OSC=0	-1740		-582