ES Morning Update August 27th 2021

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This morning around 10am Fed Chief Powell speaks, and the market seems to have been waiting for it all week long. Charts are mixed right now so no clear direction is seen. Yesterday it looked like they were setting up for a 50+ point rally but I don't see that now. Certainly it could still rally but I don't see any huge move up or down today... at least not from a technical point of view. Could Powell say something very negative and start a nice selloff? Sure but it's not in the charts, as again, they are mixed. I really don't have much to add to this mornings update. Whatever is said or not said could be a "nothing burger" from the looks of it. Direction is unclear so I'll just keep this post short and end it here. Have a great day.

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