Fed Cuts by Half Point, Market Fights for Direction
3:48 PM EST Update: Market now back at original levels before Fed cut, NASDAQ 2358, S&P 500 1359, Dow 12475.
3:08 PM EST Update: Looking at the NASDAQ at new highs of 2396, S&P 500 1385.86, Dow 12681.41. The rally is on right now, but for how long?
Very interesting to watch the market right now, right after the 2:15 PM announcement of the desired half point (.5%) cut the market rallied. The NASDAQ shot up 30 points (1.3%), the S&P nearly 18 (1.4%), being lead by banking stocks.
Well now as of 2:54 PM EST I am looking at the NASDAQ off its highs but stabilizing nicely, and stocks like Goldman Sachs (GS), Bank of America (BAC), and more are rallying to intraday highs.
Based on my post earlier today, I am still looking for short term resistance points to be broken. The NASDAQ has a magic number in my mind of 2410.
I’m interested to see what happens tomorrow and the next couple of days.