📉US100 plunges over 3.5%❗

Major Wall Street indices are trading under pressure on Thursday as the Fed induced rally lost steam. Declines are most profound on Nasdaq, which fell over 3.0% weighed by poor quarterly results from several companies including eBay, Shopify and Etsy.  It seems that investors have realized that the Fed will continue to drive interest rate hikes, and currently high valuations of companies, especially in the technology sector, are unsustainable with such a policy, especially given the ongoing problems with supply chains and bleak economic outlook.

US100 bounced off the major resistance at 13560 pts and is currently heading towards a major support zone between 12880 pts and 13000 pts. Source: xStation5