Technical Picture - Failed Breakout

The market made a solid attempt to breakout in early trade, but failed. Let's review.

All of the economic data was favorable. As depicted below, the Emini futures spiked on the GDP and Jobless claims giving us two waves going into the open. At 9:45 positive Chicago PMI spiked prices for a third wave, breaching the breakout point. By that time, the move was exhausted and it failed to hold.

Failures usually move in the opposite direction, so we saw a lot of selling when price took out support.

Last night we said that we'd like to see the SPY completely fill the Tepper Gap to confirm with the QQQQ. I'm still fixated on that idea. The backing and filling will be healthy and maybe we can make a clean break on the next attempted breakout. Keep a close watch on tomorrow's economic data, most of which, will be released during regular trading hours - 9:55-10:00 EST.

P.S. Emini futures slowly ticking higher in AH - China PMI 53.8 beat estimate 52.5