The S&P 500 dropped -2.3% to 1552 while the VIX rose +5.21% to 17.27, the highest level in 6 months. Technically speaking, the index is nearing its 50 DMA as near-term support. I like looking at the Fibonacci levels as well.
Weak Chinese GDP figures began weighing on SPX futures in early morning trading. GDP rose +7.7% in 1Q YoY compared with the median forecast of 8%. Other reports showed industrial production rose less than estimated, while retail sales growth matched estimates.
China’s growth weighed heavily on the commodity markets as well. The S&P GSCI Index of 24 commodities sank to the lowest level since July 2012, with gold tumbling -9.26%, the most since 1980, while silver fell -15%. Take a look at our gold ETF, the GLD: