US market 5/28/09

S&P500 went up and closed at 906. In general this week's economic data have been good: Durable goods order up, jobless claims down, new home sales flat, existing home sales up, consumer confidence jumped. The key data for tomorrow is Q1 GDP. Q4 08 GDP was a disaster, but the market has been going up because investors took it as the bottom of GDP decline. Tomorrow's data will present a test to the bull: if it's below expectation, will the market tank? The GM situation is clearing up as the company will likely go to Ch 11 bankruptcy protection. It should be good to the market because it takes away the uncertainty. Now we can start a brand new page with GM out of DJ index.
From TA standpoint, the market has been consolidating btw 880 & 930 the last 3 weeks. The range of the triangle bounded by 880 & 930 is getting narrower. It's a good sign as the market will make a break-through soon. Based on the economic data and markets around the globe, I lean toward the upside.