Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.

US Fed Chairman Powell’s testimonial overnight was perceived positively, it seems. Some of us wouldn’t know because we didn’t read it or watch it. We only cared that spot was still respecting S/R levels.

In the background: Powell will testify again today. US-China trade talks, while there was some positive developments recently, is taking its toll on the China economy with some new economic stats indicating that China’s economic slowdown has deepened further. In Washington, public hearings for the impeachment of President Trump has begun in earnest.

The following are S/R levels for today.