- Will The Momentum Continue?

Market Summary
It was another wild week on Wall Street. On Tuesday, the Federal Reserve announced that it cut its key interest rate by 75 basis points. The rate cut was generally in line with expectations and it was welcomed by the bulls. The U.S. stocks surged and it will be interesting to see if this will be the catalyst that will cause the indexes to head higher. Technically speaking, we've noticed that majority of the indexes are in the process of testing the resistance of their respective 50-day moving averages. It will be interesting to see how the market responds to these nearby resistance levels because a close above them will signal a short-term move higher. We'll wait on the sidelines for another week to see if Thursday's upward momentum will be able to continue.