US Futures Soar United States Stock Market Stock futures in the...

• US Futures Soar
  United States Stock Market
  Stock futures in the US soared on Thursday, with contracts on the S&P 500 futures rising 1.6%, the Dow Jones gaining over 470 points, and the Nasdaq 100 jumping 2%, rebounding from losses in the previous session, as traders continue to digest the latest FOMC decision. The Fed delivered a jumbo 50bps rate cut, the first decrease in borrowing costs in four years, and signaled further reductions ahead for this year and next. At the same time, new economic projections showed the central bank still sees the US economy growing steadily while revising its inflation forecasts lower.

Well that seems to have worked a charm. 2% +gain after Wed's session, and those gains held at Thu's session close. Looks like a retest of ATH 20750 coming on NDX?




Im a big fan of the 161 Fib, so given the sustained momentum, quite possible SPX could go to ~6000. The recent volatility is somewhat unprecedented when you look at the size of the tail to the candle body of this and last month.

Note in the 2000 tech wreck SPX grinded at the top for 7 months before tanking, so we might be in for some drawn out chop if we are unlucky. Could be a slow death of a thousand cuts for the BBB.