SPX

When posting yesterday I didn't realize the Fed Chairwoman was today giving her semiannual monetary policy testimony before the Senate Banking Committee (and tomorrow before the House Financial Services Committee). Unlike most of her other speeches, I pay attention to this one because there is a way the market behaves during this event. I would have made mention of it in my post yesterday if I had remembered. The post for daytrading (SPY-15MIN) would have been different as well.
But given that it happens only twice a year, it isn't so easy for me to keep track of it until the next day after posting when I start observing abnormal price action like today. Also, I can realize the omission ahead of time but too late to make changes on the blog.
What happened today is very often how the market behaves when a Fed Chair appears to testify before Congress. Usually the market will be going down until midway or after the testimony before the market will start moving up and closing the day at the highs just like it did today. Then a follow-through to the upside the next day but to a lesser degree/magnitude than the first day.
The reason I didn't indicate a tiny up day tomorrow on SPY-15MIN is because it won't be worth risking an upside trade given the risk-reward ratio. So I decided to just post a bear play instead given that today's rise was small. So that opens room for a down day or tiny up day tomorrow. For more information on this, you can check one of my many posts on this topic by clicking this link if you are new to this blog:
Fed Chair before Congress

SPX-DAILY III


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SPX-DAILY I


SPX-120MIN


SPX-60MIN


SPY-15MIN