Central Banks Cut Rates, US Futures Fall

Good Morning! Early this morning the Central Bank of England cut its rates to 1% and the ECB decided to leave their rate at 2% but we all know its probably going to come down from there later on. As a result the GBP is showing some strength while the EUR is falling against the dollar. Should be an interesting day for the FOREX markets which will need a day or two to figure out how to price in all these interest rate changes. As for US stocks, the futures are pointing downward, nothing really outlandish but still a negative sentiment. As you can see I posted the S&P support and resistance targets. Yesterday they were dead on for the intra-day reversal. Which helped members lock in some profits on our new trades. Again we need to watch the 8,000 level on the DOW as the our "line in the sand" for the next move. Happy Trading!