The World Bank released their updated global projections and they have reduced the outlook significantly from the previous projection released in March
The World Bank said the global recession this year will be deeper than it predicted in March and warned that a flight of capital from developing nations will swell the ranks of the poor and the unemployed.
The world economy will contract 2.9 percent, compared with a previous forecast of a 1.7 percent decline, the Washington- based lender said in a report today. Growth will be 2 percent next year, down from a 2.3 percent prediction, the bank said.
At this time it appears that all major indices will ‘gap down’ at the open. The chart shown below is that of the S&P 500 e-mini futures. Levels to watch today are highlighted.




