The news that broke last night was explosive—the position of Federal Reserve Chair might change, and the dovish candidate Hassett is getting a lot of attention. The market instantly sensed the prospect of looser policy, and what was a shaky downtrend abruptly saw a rebound on the 2-day chart.

The past 24 hours felt like a roller coaster—first a rapid plunge, then a sharp bounce, a classic stop-hunt move. That said, if Hassett really takes the seat, the situation could change completely. If the dovish expectations materialize, a trend reversal is definitely possible.

Now it’s just a question of whether this will actually happen. The market has already priced in expectations, so now it’s just waiting for the other shoe to drop.