The Nasdaq 100 tumbles as the Fed is likely to stick to its aggressive hike policy. The index has previously bounced off its two-year low at 10840 and a break above 11500 temporarily eased the selling pressure. However, a swift U-turn near 11700 might have shattered hopes of a sustained recovery. A fall below 11300 has forced bulls to bail out. The new supply area around 11400 may attract stiff selling from trend followers. A break below 10840 would resume the downtrend and send the index towards 10400.
