Like I have stated many times in the past, usually the SPX will drop when the Fed Chair is speaking then reverse to the upside midway into the testimony or after it, and continue higher the next day (Thursday). But if it doesn't drop during the testimony it means the market will close at the highs (big rise).
Also, if it drops during the testimony but doesn't reverse midway into it or after the testimony, it means it is going to close at the lows.
I expect the former to take place based on my intraday chart setups and also the fact that it is the most common behavior.
Keep this event in mind so that in the future if I forget to address it the day before the testimony you will know what to do. It happens only twice a year so it is hard for me to keep tract of it. I usually notice it when it is too late.
SPX-DAILY VI
SPX-DAILY V
SPX-DAILY IV
SPX-DAILY III
SPX-DAILY II
SPX-DAILY I
SPX-30MIN II
SPX-30MIN I
SPY-15MIN
