The equity market consoldated ahead of another testimony by Janet Yellen, this time testifying to Senate banking committee.
But late day on Wednesday it was announced that Yellen testimony has been cancelled due to heavy snowstorm conditions in the area, and the new date for her testimny has not been announced.
Whether or not the Fed Buying Team would be very active now that Yellen's testimony has been postphoned, is difficult to say, but without Fed buyers the market may pullback down to supports.
Key inflection price level to watch for is 1815 for ES and 3625 for NQ
-- Bullish above 1815 for ES and above 3625 for NQ, implies the amrket is ready to trend up again, just like Tuesday.
-- Trading below key inflection point is an indication the market is still in consolidation mode. As long as any decline does not get too large the market should rally after finding support.
-- First supports are 1810 for ES and 3610 for NQ
-- Second support are 1790-1795 for ES and 3535 for NQ
