SHORT TERM: Revisied upward Q2 GDP rally underway.
Overnight the Asian markets were little changed, but Europe came in about 0.50% higher. Our stock indices rallied a bit on the open, pulled back some, and started to advance all within the first half hour. With a test of support at SPX 1295 yesterday, the major indices are now rallying in their next wave up. Google and Apple appear done with their slight pullbacks and are helping the NDX play a little catch up. This rally should start trending, so what the 13MA on the SPX 15min chart listed. At 8:30 this morning the government announced an upward revision in Q2 GDP from the original 2.5% growth to 2.9%. Good news! Maybe the next 18 months will provide GDP growth in the 3% area instead of 2%. This would definitely help our bull market moved higher. Expecting some resistance at SPX 1310 and then 1316, previous trouble spots during the last advance. Bes to your day!
MEDIUM TERM: major indices uptrending
LONG TERM: bullish.