General move today was very similar to yesterday’s but around 10 point higher and without so much choppiness. A new high since mid January was printed at 882.06 but the close was at 873.64. Volume was average.

Q1 GDP was worst than expected but the market data-mined a need to rebuild inventories out of the data and spun it as positive. FOMC said the economic outlook had improved modestly since its last meeting in March.
On the technical side, the new high must follow trough quickly or it may end up prompting a retracement phase due to rally exhaustion. This was the third testing of the 870-880 resistance range since the March lows and the fifth since the beginning of the year.

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