Nonetheless here are my thoughts on why the big three dropped and/or stalled today (per following Dow/S&P/Naz charts). Better delete those red resistance lines in the way quick otherwise uptrend is over :-
Fackin' a Chumpie sez that. His azz is on line back in NY if he doesn't win another 4: Separately, White House Chief of Staff Meadows, who is a lead negotiator in the coronavirus relief talks, sounded uncharacteristically optimistic in a CNBC interview regarding the prospects for another round of fiscal stimulus. President Trump tweeted that Republicans should "go for the much higher numbers" on stimulus.
Sorry, I focus mainly on the NASDAQ. And it was 10 minutes after speech started I guess, sorry I missed it by 5 minutes. The thin red line is the previous close. So you can see, where it was above the red line, the market was "up". It was up and down through the day until the 2PM hour. 11222-11050. That's 172 points down after Powell's message. That's a hard fall in 90 minutes.
I focus on futures whatever the market intraday (although for daily bars look at the indexes themselves), and NQU20 topped at 652am @ 11550 dropped to 11322 before a quick retracement around fed time @ 11444 then a resumption of downtrend into close. Semantics I guess as far as hard or not but it certainly was dropping long before Powell spoke and I believe because of resistance above.
If we fail a rally by Friday we shall see 3200 S&P, if we rally by Friday then we shall see a 3200 S&P later. If we cannot hold there we shall see 3000 S&P. Why? Election time, no matter what happens, it will be fucking ugly!
ES and NQ usually tank until Monday early AM after the FOMC, even in good weather. Thurs & Fri down and Sunday & early Monday until someone somewhere pulls something out of their ass. The market's spooked anyway. What non-inverse ETF would you buy next week?