Fed Testimony Aids Selloff

For those who think the Federal Reserve has any idea what it's doing, or think the central bank of disaster has credibility among the economy and markets, yesterday's price action was a meal of your own words.

In a down market, like this one, up moves are opportunities to sell and yesterday's Fed blabber-mouthing by Janet Yellen slammed price into a level of resistance where sell orders filled faster than Hillary Clinton can delete classified emails.

S&P Futures Chart 60M