All indices are rallying today after the Fed’s decision to cut interest rates yesterday and this morning’s economic data. The leading index is the Nasdaq Composite up 2.79%.

The S&P 500 is reaching a new all-time high today, crossing above $5,700 for the first time.

Eight out of eleven sectors are in the green, with Technology (XLK) well ahead of the rest, up 3.31%. Utilities (XLU) are the laggard of the day, down 0.87%, with the other two sectors in the red being Consumer Staples (XLP) and Real Estate (XLRE).

The market is moving further into greed territory and approaching extreme greed.

On the economic front, the Philadelphia Fed Manufacturing Index came in better-than-expected and continues to edge higher.

Prices paid were still significantly higher than received. The number of employees moved to a positive read, although there is still weakness in new orders and shipments.

Existing home sales retreated again in August, after an uptick in July, to 3.86 million and missed the consensus estimate of 3.92 million. Sales were weak across all regions.