imho :- ECB cutting interest rate to 1% was expected by traders before the announcement. The price of S&P500, Gold, etc. were sitting on top of resistance just moments before the interest rate were announced - poised to make a direction decision upon the news. I think it really needed to be more than a cut to 1%.. probably to 0.75% or lower for the break-out to the upside to happen - to show that the EC are very serious to help the ailing EURO economy. Once the expected news came out, it naturally rebounded down from resistance, with no news momentum to help it break-through.