Stocks quoted in this article:
The surpise rate cut by the Fed led to a monster rally immediately after the afternoon announcement. It is interesting that on an intraday basis, however, that some major indices ran into technical resistance. For example, the Dow Jones Industrial Average (.INDU - 10,882) stalled at the 11,000 millenium mark, site of the November 6, 2000 peak. The Nasdaq Composite (COMP - 2,529) stalled at 2,568. This is significant because the 2,566 area marks one-half of the COMP peak in March 2000. Finally, the Nasdaq 100 Trust (QQQ - 61) ran into resistance at its 20-day moving average,sitting just below 64. These are all key levels to evaluate on a short-term closing basis.