U.S. stocks struggled for direction for most of the day, but managed to stage a strong rally after the Federal Reserve ruled out hiking interest rates in 75 bps increments in the future.
Oil prices surged in the first quarter on Russian sanctions and a rebound in global demand. China’s largest Covid outbreak since the pandemic started and a more aggressive Fed may halt the rally.
The Nasdaq 100 has just set a fresh yearly low and there’s potential for a steeper slide as prices have fallen below a key point of support on the chart.