Powell speech at 10 am EST tomorrow, expect a huge whipsaw after open tomorrow. If he implies that the Feds are NOT going to cut rates in Sept, you'll see the markets tank in a hurry and the dollar will sky rocket. Keep in mind that the market already has a Sept rate cut priced in.
No index positions for me right now.
If you want to go long on the market, I would wait to see what he says. Preliminary indication from other Fed members is that they are not inclined to cut rates in Sept, but the algos appear to be ignoring it for now.
No idea which way the market gaps, but probably a gap fill either way before the Powell speech.
This is why the market is so overvalued, it's just really easy for the big boys to pump the market with futures. Fundamentals mean noting when they can pump up futures at will.
We'll see what happens when Powell speaks tomorrow.
If Powell doesn't tank the market tomorrow, we're probably looking at a melt up until the Fed meeting. Computers pumping futures at will now.