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GDP Relief

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The revised GDP numbers have rolled in, and bulls heaved a sigh of relief that they actually beat the consensus.

0827-gdp
The /ES surged on this news, up nearly 10 points, but there's a pretty thick wall of overhead supply between 1055 and 1062.

Bernanke's speech, scheduled for 10 a.m. EST, is the next big event. If he announces some giant new government giveaway, it might provide the bulls the power they need to get past the aforementioned resistance. If he just chats about how, my gosh, things are pretty tough, we might see a firm sell-off.