He could have gone full hawk, but he didn’t. Even in the face of economic data (that the rest of us can now see) which was uniformly positive and a coming bump in inflation, Powell chose the route that best supported stocks. ES bounced at its SMA10 and is surging toward its .886 Fib retracement.

continued for members…

As before, the SPX chart continues to best illustrate the path stocks are on. And, naturally, VIX is testing its former lows. Currencies are playing along, with EURUSD holding off on new lows and USDJPY bouncing. DXY is back above its dotted line of resistance and now faces its SMA200 again. CL and RB have just about run out of upside. TNX continues its rise.