The Powell chop - SPX500

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Powell is speaking before the markets today, be wary of any hard sell off as it is likely a bear trap. Many bears still not believing the rally and a quick down and up should make mincemeat on both sides of the trade. I still expect a bit higher to 4100 area.

cnbc.com/2022/09/08/watch-fed-chair-jerome-powell-speak-live-in-qa-at-the-cato-institute.html

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potential structure from top points to about 4020 as resistance/proit point (as of now)

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maybe it finds support here

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Found support, over 4k next, We'll see if it can get to 4100 probably next week.

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possible another trap and we go lower before more upside. like I said last week - choppy markets for the next few days.

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Hourly bear divergence on this chart warning of a pullback here.

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One more low today to test 3920 support and I think it rallies past 4k again into next week. Chop city - all technical.

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SPY looking like a cup and handle

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that may be it, hard to say. If the cup and handle plays out on spy the target is the neckline of the H+S, around 413. Will update at close.