Stocks Waiting on Powell

Stocks really took a dive today. It seems the S&P is fearful of what Fed Chair Powell may have to say today. Recall that part of the reason that stocks are selling off is that due to increased bond yields, investors are fearful of higher interest rates, which would dampen the easy money party that stocks have been enjoying for years.

We are at a support level right now of 3847, which has further support from the intersection of a trend line and the psychological level of 3850. It is highly likely we will see a bit of support here, and it looks like we are catching a meager bounce at least. The Kovach OBV is bearish, and the Chande is turning over so both indicators are not looking too hot for stocks right now. If we break down further, watch 3825, and if we are able to break out, we will find resistance at 3887.