Key support held this morning on the break. Support areas move up to 1464 Sept SP500 and 1958 Sept NQ. Models are rotational.
If the market is disappointed after the Fed announcement because there is no wink in the bulls direction, bears have enough strength to do damage. A serious break will bring out the usual whiners who want to be saved from themselves. Money is still cheap, so it is not the just the mechanics of a rate cut, it is more the perception that the power of the Fed is ready to help repeatedly if necessary. The bulls need to build on the price reversal of yesterday quickly.
