Today, we saw stronger than expected Q3 GDP growth, as reported by the Bureau of Economic Analysis (BEA). Will the market be lifted by this report? Let's take a look at the S&P500 Index.S&P500 4H Chart 10/28(click to enlarge)Consolidation turning bearish:- Since cracking the 2190 level in August, the S&P500 index has been in a consolidation mode. - This consolidation mode turned a bit bearish in September. Note the RSI dip below 30 and then hold below 60 on the subsequent upswings.- Price has broken below a rising trendline as well as the cluster of 200-, 100-, and 50-period simple moving averages (SMAs). Monitoring 2130:- Given the current technical picture, we can anticipate some further downside, because the pattern of lower highs and lower lows is still intact since the second half of August. - Now, if price falls below the intra-week 2130 support pivot from last week in spite of the positive GDP report, then we would have to respect the bearish momentum and anticipate further decline, perhaps to a new low in this correction pattern ie. 2110. - On the other hand, if price can hold above 2130, and lift above 2155, we could be looking at a bullish breakout. A push above 2160 might offer a "cleaner" look, but a push above 2155 would already indicate a possible bullish breakout. Why might the market be bearish when GDP data is positive?- The main reasoning is that strong growth data could push the Fed forward with its rate hikes. In turn, rate hikes make it relatively tougher (than before the rate hike) for banks to borrow/lend money. Therefore, increasing interest rates in general can cool off the market.