Week of February 2

New Fed chair is bullish or bearish.

Recap of last week

We had the breakout failing at resistance, and it did so once again.

Although markets keep failing at the 6950/7000 resistance over and over again, they haven’t exactly broken down either. Obviously a major event occurred last week, with Warsh being named the new Fed chair. Can we assume he will be dovish given that he is handpicked by Trump. Will that be enough to break the index throw resistance after a long consolidation?

Next move for markets