Powell and Yellen Testify on Economic Recovery

Uncategorized Mar 23, 2021

It was the first time both current Fed Chair and Ex Fed Chair, Powell and Janet Yellen testified before congress, addressing issues like Inflation and the current economic recovery.

23rd March 2021 Fed Chair Testimony

Today's trading however was pretty straight forward.

ES60min

Market action saw price consolidate within a tight triangle during much of the build up towards the event, before the eventual break of the triangle to the downside.

It was clear that the market was about to make a decision, and an impending market move is near.

ES 5min

Once it became evident that we have broken to the downside of the triangle, a retracement back to f3 would have given you a nice fill.

With XOP being the LPO.

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Not all FED days are easy - in fact most high impact events are really tricky to get right, both prior to the event and post event... but today was more straight forward.

430am over here...  another day of trading, possibly looking to act of D F3 node tomorrow... hopefully price will be trading around there tomorrow near the market open.

Best

Joseph A

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