The stock market has laid down the gauntlet with a callenge to FED Chair Powell. It has broken support and ready to go into absolute free fall pending his 12:30 speech. Unless he gives some hints about rate cuts things could get ugly into the close.

On the other hand with the very short term being oversold and the Vix elevated, if he throws the market a bone with some dovish double talk, maybe the market bounces for a day or two before the decline resumes.