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S&P 500 had a rally, the Point of control 944.50 was great for trading both directions.

The Advanced GDP for the third quarter fell by a less than expected -0.3% vs. the consensus forecast of -0.5% as consumers slashed their spending by 3.1%, the quickest spending reduction in 28 years and first drop in spending in 17 years. Business spending declined by 1%. The inflation measuring Chain Deflator jumped to 4.2% from the second quarter’s level of 1.1%, largely stoked by record high fuel costs when oil reached a peak of $147/barrel in the third quarter.

The contraction in economic activity in the third quarter is a sign we are headed into a recession although the second quarter GDP showed a gain of 2.8%. By definition, it takes two consecutive quarters of negative GDP growth for the economy to officially be deemed in recession.