It’s a generally quiet day for data today, so investor attention will be focused on the Senate as Fed Chair Powell sits in front of the Senate Banking Committee for his renomination hearing this morning. With four rate hikes in 2022 now more likely than unlikely, investors will be intently focused on any comments from Powell related to rates and the pace of balance sheet run-off once lift-off begins.
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Futures are essentially flat with a positive bias heading into the opening bell this morning as Europe rallies and gold and crude oil are trading higher.
It was a moral victory for bulls yesterday as the Nasdaq erased an intraday decline of more than 2.5% to finish the day modestly in positive territory. As good as the reversal felt yesterday, it is important to keep in mind that even with the reversal, QQQ, finished the day below the low end of its Q4 trading range and also lower than the prior high from early September. Once a solid level of support breaks to the downside, it can often act as upside resistance, so it will be important to watch how those levels hold in the days ahead on any rally attempts.
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