The Nasdaq 100 plunged as global central banks’ hawkishness rattled investors. The choppy price action was due to multiple catalysts this week and layers of resistance from last September’s sell-off. The most recent rally reversed its course at 12200, a support-turned-resistance from mid-September. A breach of the lower end (11500) of the consolidation confirmed a lack of buying interest and might cause a test of the origin of a previous bullish breakout at 11150. As the RSI goes oversold, 11800 is a fresh hurdle in case of a bounce.
