Scalper1 News
Major averages rose Friday on lower volume, surprising for an options expiration day when volumes tend to trade large. The NASDAQ Composite has broken out above its 50-day moving average but is nearing its 200-day moving average which may serve as resistance. The S&P 500 is further below its own 200-day line, but successfully retested its 50-day moving average last Thursday, bouncing up and off the line on higher volume. China announced GDP growth of 6.9%, the slowest since 2009, despite numerous measures of stimulus by the Chinese government. Growth came in at 7% in both of the first two quarters of this year, matching the countryâs target. Weakness in the Chinese economy took down global markets in August, but markets are contextual so today’s number, although under 7%, was above median expectations of 6.8%. The question is when China’s economy will recover. If recovery is further off than expected, today’s disappointing number could pull down markets once again. Futures are currently off about 0.4%. Scalper1 News
Scalper1 News