How To Trade Powell’s Speech Today

The market is searching for news to trade off of and this speech is important.

PRE-OPEN MARKET COMMENTS FRIDAY – Yesterday the market gapped higher after Nvdia posted excellent earnings. The SPY gapped above a key resistance level at $445 and the table was set for a breakout. That opening move was smacked down and the market staged a gap reversal. That confirmed that resistance was firmly in place and the price action resulted in a bearish engulfing candle. This morning we are waiting for comments from the Fed Chairman 30 minutes after the open.

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