US100 remains under pressure

Yesterday's Fed meeting and Powell's comments were received rather as a hawkish one by the market. For this reason, the main stock indices from Wall Street struggle to move higher. While we saw an upward move just after the start of today's US session, sellers are again trying to take the initiative. Let's check the technical situation on the Nasdaq index (US100).

Looking at the D1 interval, one can see that  downward correction is still ongoing and is the largest in the entire upward impulse launched in March 2020. If the current sentiment prevails, an attack on the support at 13,650 pts is possible. 

US100 interval D1. Source: xStation5

When it comes to the lower time interval - H1, the supply side still dominates. Despite rebound attempts and local consolidation, the index still remains below the key resistance  zone around 14,570-14,600 pts (which is also visible on the D1 interval). According to classic technical analysis, it seems that a continuation of the downward movement is possible. It is also worth paying attention to the EMA 100 (purple line), which acted as a solid resistance recently.

US100 interval H1. Source: xStation5