The biggest news yesterday was Fed chair Powell's speech, in Powell's speech, he stated that independence is critical to central banks achieving their mandates in that it insulates monetary policy decisions from short-term political considerations. "His attempts to impress his hawkish view on markets in recent months ended in failures," ING said. "Recent data have, on balance, made his job even more difficult." Investors overlooked a lack of comments from Fed chair Powell on monetary policy and turned their focus towards inflation data and bank earnings later this week.
Something more interesting to look at is, SPX fell after the market open but found support right above Monday's 21 daily basis EMA (3870ish). Which is more bullish than what I expected.
From daily basis analysis, SPX stands right above 21 daily EMA with bit extension, therefore, I think the market will retest the strength of 3870ish support.
IF the market can hold above and survive the retest, I will expect more room for the market.
Please feel free to express your ideas and thoughts in the comment section.