 Fed Chair Jerome Powell testified today before the Senate Banking Committee. Chair Powell said the following. The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. What Chair Powell said today was certainly not good for the market. SPY fell from 404 at market open to 398 today at market close. When we look at the SPY chart, we can see that it dropped below the 200-day exponential moving average of $399. It's now at the 50 EMA. The next level of support will be $394 at the support trend line. The next level down will be then $380 and then $377. I believe the market will continue to be bearish until the month-over-month CPI, PPI, and PCE rates are less than 0.3%. Once the inflation rate numbers are low enough, the market will then recover.