Fed Chair Powell said that interest rates will remain low until full employment is reached. In previous years' conditions of full employment were met when the unemployment rate stayed below 4%. Now it sits above 6%. Moreover, Powell highlighted that temporary inflation pick-ups are not a problem and the economy is still far from reaching Fed's goals. Speech from Powell provided support for equity bulls and started a turnaround on Wall Street.
US500 broke above key resistance at 23.6% retracement and slowly approaches the 3,900 pts area. Additionally, an inverse head and shoulders pattern may be building up with yesterday's dip marking head of the pattern. Source: xStation5
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