US GDP rose at 2.5%, much better than expected 2.1%. Durable orders was less negative than expected at -0.8%. Durables other than transportation was positive at 1.7%. Consumer confidence readings were weaker than expected and from last month. Economic indicators in US are mixed to slightly positive. But the Euro drags global markets down.
Technicals show that S&P 500 penetrated below 200 dma and is testing the support at 1200 and at 50 dma. If you used 200 simple dma, then the index barely crossed above it. Other indexes are also testing the 200 dma or 50 dma. Treasuries surged higher this Monday after MF Global bankruptcy announcement.
Uncertainties coming out of Europe are plaguing most global markets and commodities; resulting in strength in US dollar. Unless the G20 summit calms the markets, EUR/USD exchange will pretty much determine the strength of equity and bond markets for foreseeable future.
Last week's (week over week) market Sectors Returns and Internals: