Daily Update

S&P held pretty well today inspite of the down trending hourly cycles. After the early weakness that declined futures to 2803, it kept uptrending most of the day with bouts of small weakness in between and futures closed higher at 2822. Along with oversold hourly charts, another factor that limited the down side was the down trending daily and hourly cycles on both US Treasury Bonds and German Bunds that peaked yesterday 03/27/2018 (see below cycle chart).

Bonds Cycles - 03/28/2019

US Dollar daily cycle continues to do its job bringing further gains with futures closing at 96.81.

On economic front, Q4 US GDP was revised down to 2.2% annual rate. Jobless claims came lower at 211K. Pending home sales index in February edged lower by -1%. Fed balance sheet reduced by -$7.1B. Tomorrow, we get Personal Income and Outlays at 8:30 am, Chicago PMI at 9:45 am, New home sales at 10:00 am, Consumer Sentiment at 10:00 am.