Powell avoided commenting on the economy or policy and thus took some risk out of the market in the short-term. Bias is for SPX to climb out of the hole but needs over 3903 to really get started. The danger is that the wave (ii) bounce ended at the high yesterday, which reached a wave c to wave a relationship at 3950, and this is just a consolidation before breaking lower.
Had another request to look at Natural Gas. Since I looked at the weekly chart yesterday, I’ll look at the daily chart again. I’ve added some supports to the daily chart at 3.43 and 2.45 that are based on some Fibonacci extensions down from the November bounce high that are more in alignment with the alternate count where this is a wave [III] low in the making. Since the cycle on the weekly chart, not show, is scheduled to turn up, and the dominant cycle on the daily chart is forecasting a low soon, I can’t see being bearish at this point, even if it only results in a bounce to around 4.81. If a short-term bull wants to see some confirmation first, look for a recovery of 4.21.