Microsoft and Meta drag markets down, and Powell’s hawkish tone turned market sentiment bearish. We didn’t fill the gap down to 6,808. 6,775 is the pivot point below which a quick drop to 6,550 could happen.
We don’t expect that to happen and trend support is at hand to keep retail floating this market higher.
Powell, Meta, along with lack of success at the Trump/Xi summit, contributed to overwhelming negativity, but the backdrop of the FED now pivoting to QE should keep markets afloat.