S&P is struggling to bottom

After yesterday's global coordinated rate cut across 6 major central banks, equity market had struggled the whole day, take a look at the intraday 60 min chart of S&P futures, extremely volatile. At least we are temporarily reliefed from the panic selling we had experienced during the past week.

However we should still remain cautious unless the upper resistence line is clearly broken, we should see an revenge rally. Until then we might see another leg down as investors did not buy into the half point cut yesterday, it was not as bullish as many analysts thought.