In the bigger picture, we’re seeing a bearish market as the weekly squeeze fired short on the S&P 500 (/ES). This leads to the potential for 5 to 8 weeks of bearish momentum. Now that we are through the Fed and Federal Reserve Chairman Jerome Powell’s statement, the question becomes if we’ll see any short-term bounces. As long as the 15-min, 30-min, and hourly charts don’t have sell signals, we could see some upside short-term potential. In this week’s update, we’ll lay out the two types of way we can trade this market and outline setups on our watchlist.