DOW spikes mildly higher to 27084.59 after Fed’s surprised -50bps cut but quickly settles back into earlier range. Investor confidence seems to be rather unsure for now. It remains to be seen if Fed’s rate cut could have a sustainable effect. For now, recovery from 24681.01 is still in favor to extend higher to 55 day EMA (now at 28241). However, break of 24681.01 will suggest that the corrective recovery has completed and bring retest of 24681.01 low.
