Nice chart. IMO the PA is very encouraging. Breakout, consolidation / test. Much more healthy than a straight up move. No "out right" QE and the PMs move up strongly. Seems very bullish. Still have to see how the rest of the day turns out before the party starts. WE are so accustomed to being disappointed.
Actually pretty typical PA. MMs use the speech, or any other "event" as an excuse to run stops. Algos kick in~ Everyone including funds are particularly nervous today because of JH so MMs take advantage of the "hair trigger" mentality. (If you have close stops, they just took your money)