Powell's assurance that there is no need to be concerned about inflation had just a short-lived effect. Yields started to rise again, putting pressure on equities.
Taking a technical look at DE30, we can see that a shooting star pattern has surfaced. Such a pattern often hints at a reversal. In case sellers manage to push the price back into the previously-broken upward channel, a downward move may deepen towards the 14,400 pts area. In case this area does not stop the sell-off, the next major support to watch can be found at 14,150 pts. A 14,780 pts area remains the near-term resistance to watch and is marked with the 161.8% exterior retracement of the September-October correction.
Source: xStation5
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