Volatile trading in the major indices
The US stocks moved higher on the initial reaction and have moved back down. The S&P index is trading above and below its unchanged line now (down marginally).
Technically, the price high moved briefly above the 50% retracement of the move down from the February 19 high price. That level comes in at 3124.17. The high price reached 3136.72. Helping the technical picture, is that the low price for the day did stall right near its 200 day moving average at 3049.50. The low price reached 3049.98 before rebounding back up. A move back below its 200 day moving average would not be welcomed by buyers.
Looking at the NASDAQ index a parallel to the S&P index is that the low price today stalled near a key daily moving average level. For the NASDAQ the 100 day moving average comes in at 8840.02. The low price for the day did dipped below that level 28835.99 but quickly rebounded (helped by the cut). On the topside the price also extended briefly above its 50% retracement at 9053.30. If the price is to move higher from here getting back above that level would have traders targeting the 50 day moving average at 9249.48. A move back below the 100 day moving average would not be a good look from a technical perspective
