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Stock Market Higher as it Awaits Powell’s Speech

Posted 08/27/2021 9:39AM CTJeff Yasak

The U.S. stock market had some gains early Friday erasing loses seen Thursday as traders are waiting to hear remarks from the Federal Reserve Chair Jerome Powell. There were some hawkish comments from Fed policy makers earlier in the week that derailed the market, this adding to the crisis in Afghanistan which saw mass casualties including U.S. service members. Ester George, President of the Federal Reserve in Kansas City, stated she would prefer to see asset purchases and monetary policy accommodations reduced “sooner rather than later”. Today’s remarks from Powell should reveal a fuller picture of the central bank leader’s ideas on the pace of the U.S. economic recovery in the wake of a surge in covid-19 cases due to the delta variant. A definitive plan is not expected today but it will be interesting what road Powell takes as his comments have been more dovish than the others suggesting a more let’s wait and see attitude on the economy before making any adjustments.

Support today is 445500 and 444500 with resistance showing 448500 and 451000.

E-mini S&P 500 Sep ’21 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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