The markets are once again stalling out at important “technical” levels on the S&P 500 and Dow charts. Sometimes this will happen for purely technical reasons as the markets work off a little “overbought” status, as traders book profits. There could be another reason though, and it may be the upcoming Congressional testimony by the Chairman of the Federal Reserve: Jerome Powell.
On Tuesday morning, Fed Chairman Jerome Powell will give his first day of testimony to the Senate banking committee. His opening statement will be released to the press before he begins, which could cause movement in the markets.