This is a very dangerous market as it is trend-less because institutional traders are largely absent from the market as evidenced by the TICK.
The has been saying that the current slowdown in the U.S. economy is nothing more than a transitory phase. Folks, we will now have a chance to put that claim to the test over the coming two quarters. Watch the U.S. GDP forecast for Q2. If the Fed is correct, we would expect to see big upward revision hikes over the next couple of months, to the GDPNow forecast.