USNAS100 (FED affect...)

USNAS100

Stocks turn lower

The major averages turned lower following Fed Chair Jerome Powell’s press conference.

Investors seemed to have turned their attention to Powell’s comment that the rate-setting committee has “a view that inflation is going to come down not so quickly.”

“It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates,” he said.

Technically:
the direction looks to be stable under 13100 and already stability under it will be bearish to touch 12910 and 12830

BUT closing 4h candle above 13100 will support rising to touch 13200 and 13280

Movement Range 13100 and 13020


pivot price: 13100
support price: 12970 & 12830 & 12620
resistance price: 13200 & 13280 & 13380