A placated market
The S&P 500 is a placated market. In other words, this market received what it wanted and that was a 50 bps cut in interest rates. The next step will be a measure of the commitment of buyers who are holding long positions. Are they comfortable doing so or are they going to start taking profits which means you and I would be seeing selling over the next couple days. My bias is still for move to the upside.
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