Pre market narrative:

• We are in an 11 day balance area
• In that sense the market is in Balance
• It is waiting for new information
• Tomorrow we have inflation data and ism. On friday we have nfp.

Post market summary:

• We continue to fall in an unimpressive way
• We are not able to go below y rth l
• Powell mentions something about eventually slowing the pace of rate hikes
• The market explodes to the upside with good volume
• We clearly take out the high of the bigger balance area. Remains to be seen if we find acceptance above
• It is always the same. The market tests into new territory. We have to see if it finds acceptance or rejection
• Of course, there was much short covering involved. But i think by far that was not only short covering.
• Of course, this was triggered by Powell. But to what degree did he really back that move? Was there really so much new information? Or was the market anyway ready to go higher?