Major indexes reacted +ve to FOMC Summary of Economic Projections, reflecting a possibility of a pause in rate hikes sooner than later. The +ve sentiment shifted abruptly during the live Q&A as Fed Chair Powell acknowledged his belief that ongoing events in the banking groups reduce the possibility of a soft landing for the economy. Sizable broad based selloff accelerated to close.
Market with technical bear flag setup remains severely under pressure. $RSP -2.3%, $EQAL -2.4% $KBE -5.2% $KRE -5.7% $OIH -3.5%
Thanks for reading.
PS: If you enjoy the above curated article, you may follow me on twitter (@jeffsuntrading) to get daily market diary, trading ideas and market updates.
23/3/2023 Market Diary
-Indexes reacted +ve to FOMC Summary of Economic Projection, possibility of a pause in rate hike ahead
-Sentiment shifted abruptly at live Q&A, Fed Chair acknowledged ongoing events in $KBE grp not helpful
-Bear flags in mkt under pressure
Read more pic.twitter.com/ExjQCWrl9P
— Jeff Sun, CFTe (@jeffsuntrading) March 23, 2023
