NOTE: Please click on the charts below to enlarge them if they do not appear clearly.Curiously following the previous day’s reversal pattern, the Feds announced a surprise rate cut last Friday morning that sparked a broad-based rally. The S&P 500 zoomed 2.5% higher, the Nasdaq Composite 2.2%, and the Dow Jones Industrial Average 1.8%. The small-cap Russell 2000 and S&P Midcap 400 indices gained 2.2% and 2.1% respectively. Based purely on the percentage gains, one might assume it was quite a bullish day, but the intraday price action of the broad market actually left [...]
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[Source: The Money Blogs]
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