There's Something About Powell

Although the initial FOMC statement seemed stagflationary, what with higher inflation forecasts and lower growth projections by the committee, Fed Chair Powell did his usual bit of spinning things in a dovish manner at his presser. Specifically, he is sticking to his guns that inflation is transitory, coupled with the economy being in a good place. 

Most importantly, bulls saw enough to feel confident to push the rally even higher as I write this in the final hour. 

In the near-term we will probably see the S&P, seen on the SPY ETF daily chart, first below, test its 200-day moving average, which is the yellow line just above spot price--It is about one more impulse higher away from testing it, at this rate. 

On the second daily chart for the QQQ, ETF for the top one hundred stocks in the Nasdaq, there is more room to go to test the 200-day. That may be the bigger hurdle for bulls as far as extending this bounce long enough for that test to materialize. 

Overall, today did not likely mark a major bottom, as it more likely serves to give some short-term relief. I am holding my fire and patiently waiting for a fresh, quality short entry to add more bearish bets, preferably in tech and growth names. 

On the long side I am eyeing natural gas and some standout oil plays.