I SPY Resistance Ahead

As usual, everyone knew the rate cut probabilities, but NO ONE ever knows how the market is going to react to it. That is why I don't have any rules to trade around this event. The moves are quick, big and generally provide no areas for a low risk entry.

Of note, both the RUT and DOW pulled back after the announcement from their highs back down to the R1 Pivot Level and bounced back up to new highs for the day. (Pivot Points can be found under Studies on the TOS and Prophet platforms).

The NDX and SPX pulled back too, but not all the way to R1 for the bounce.

The S&P is now approaching some overhead resistance. A pull back is in order, but with the VISA IPO tomorrow and some new found bullish sentiment the market may stage a short term rally that cracks right through the resistance.

SPX Daily Chart: