US stocks continue to move lower on Monday after three major Wall Street indices posted their second straight week of losses for the first time since September as a set of weak macroeconomic data and FED's hawkish rhetoric boosted recession fears. So far this year the tech heavy NASDAQ index fell over 32.0%, while stocks of tech giants including Apple, Microsoft and Google fell between 25.0% to 37.0%. US100 fell during today's session 1.5% as buyers failed to break above local resistance at 11500 pts which coincides with 50 SMA( green line). As long as price sits below, downward move towards October 2022 lows at 10460 pts may accelerate. This level coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020.
US100, D1 interval. Source: xStation5
