Powell Speech Could Spark Selling

I am not expecting anything new at 1:30 PM ET, but it will be a reminder that the Fed will tighten.

PRE-OPEN MARKET COMMENTS WEDNESDAY – The SPY is wedged between the 100-day MA and the 200-day MA and the volume is very light. Intraday ranges are compressed and traders are waiting for news that will spark a breakout one way or the other. Year-end seasonal strength provided a small bounce off of the low of the year, but that move looks vulnerable. The price action during the bounce was tenuous and there is no follow through. There are major news events the rest of the week.

Daily Bulletin Continues...