Wall Street sharply reduces "pivot" rebound

4:55 PM 29 August 2022

Nasdaq (US100) returns to stronger declines. The US100 is losing 1.15% today, while the rebound from the mid-June low is now only 12% (the entire rebound was 24%). Powell did not surprise on Friday, but gave a sign that the Fed is on a further path to tighten monetary policy. For this year, the valuation of hikes points to more than 100 bps. The dollar is gaining in the market, although it is losing against the EUR, where the latest monetary policy changes may be stronger than previously expected.

Technically, we have a test of the 50.0 retracement of the entire recent rebound. Moreover, 1/3 of the decline from the head and shoulders pattern has been realized, and the downward gap has been closed. The range of the formation potentially points to 11900 points.

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Source: xStation5

As you can see, only a clear change in interest rate expectations could change the picture for Wall Street. Source: Bloomberg

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