First let me suggest that you read - Tedbits: Tsunami Alert: Send in the Bond Squad; Wolf Wave; Economic Murder | ZeroHedge to grasp the severity of what's happening in Spain right now. "An underwater earthquake has occurred in Spain and is quite possibly occurring now in Italy. Killer waves are now headed directly at the central banks and financial systems throughout the developed world and at Europe in Particular." Post is full of wonderful data and points that should, if you are not a bulltard, scare the hell out of you.
We will experience GDP in the morning. It is a government data release, so you know what to expect. A manipulated propaganda piece that is favorable to the system and supports the State regardless of the truth. It could miss, but the Bernank has gone out on a limb already with his forecast, and I'm pretty positive there will not be any surprises in this release.
I could go thru a whole bunch of articles proving to you that things here and there are dire, but let's avoid that tonight (plus I have to get to LS2's practice early). Summary - Things suck and they will get worse, but not before they print a few more trillion, lie to you 100 more times via data and words telling you all will be well and then one day it will all implode.
Charts? This morning I was perplexed. Yes, the charts are all predicting total doom and gloom. But doom does not turn on a dime and the charts (daily mainly) were looking more positive near term than negative. I could not grasp the downward motion pre-market. Well, that corrected its self didn't it.
As I have been asking, what will the catalyst be? Here we are with the EU imploding in desperate need of even more cash (they just got LTRO2) and rumors of another bailout or LTRO3 are praised? Honestly, it is quite frustrating as a sane carbon based life form to see what they are doing to keep the dead alive when there is no hope.
Here is the Daily SPX - I'm pretty uneasy with levels here. I prefer down, but must caution against up. I'm not sure if they will cycle the daily indicators all the way up. but if we do somehow manage a higher high, the divergences will be set for a death blow. The Weekly Chart looks especially week.
Topping is a process - let it happen. You can force or make anything happen. Let it come to you. It's happening I promise (well, unless they release the QE3 hounds in June when Twist ends - then there is no telling what's happening).
GL and GB!