Equities tumbled after Powell’s hawkish comments turned markets risk-off. On the daily chart, the FTSE 100 has remained upbeat while grinding along the 30-day SMA, a sign that the bulls are still eager to keep the ride going. Buying pressure has been building up after the price secured a foothold over 7850, but the latest fall below 7895 dented the short-term mood. 7850 is a key level to keep the week-long bounce intact as its breach could trigger a broader sell-off towards the daily support of 7710. 7960 is the closest resistance.
