SPY daily - decision time

SPY gapped down in the morning and the whole day and wasn't able to decide where it want to go. The market is in mess at the moment and for that mess is Powel guilty as he wasn't direct last week. Are we saved or we are in huge trouble? He has to choose a side today otherwise the market will stay in chaos without direction. Price did find support at the 8 days MA and trend line from a channel that could be bullish for the market.

There was a lack of volume today likely because retail traders stop their buying while big boy still wait. Rather be a little bit late to the party than too early!
Price is still way overbought and continuation of a slow rise would just create strong bearish divergences as there is a small chance for the stronger pump at this level.
It is above all major MA which is bullish.
MACD still has strong and powerful negative divergences.

Overall: SPY is in make or break situation like most of the USA indices. It is hard to predict what will happen but Powel's speech will for sure move the market. Tomorrow we will know more as we will see the reaction to his speech.
The buy signal will stay or will be removed depending on how the market will react to his speech.

Again please remember it is not news that counts it is a market reaction to news!!!