After finding support at the lower boundary of its upward parallel channel, SPX has pushed higher after Fed Chair Powell's speech today at the Brookings Institution event. Many were anticipating a bearish reaction, and the market was devious as it has been much of the year, spiking higher toward the 4100 target and downward TL above.
As a side note, not much has changed based on Fed Chair Powell's speech today. Rate hikes will be slower (smaller) in December 2022, but they are still happening, i.e., rates are still hiking. There has been no pivot--rates are NOT being cut. But perhaps a market desperate for good news views this as a "redefined pivot," meaning that when the Fed's rate hikes get just 25bps smaller, then a pivot has occurred—that sounds ridiculous, right? But can't fight the markets. Bears will have to wait for another catalyst, maybe it's a technical one at the downward TL or Fibonacci 1.00 extension around 4100 SPX