The Fed finally understood that its credibility is at stake and Mr Powell adopted an hawkish tone during the press conference. This is not a good news for the excess liquidy that flooded the market during the last two years, inflating assets prices and creating one of the worst bubble in history (i.e. cryptocurrencies).

The stock market treated water most of the day, in search of a direction. We expect one more selloff before a meaningful reflex rally in February but, as mentionned in our previous comments, a lot of damages have been inflicted to the market in January and may not be repaired anytime soon.

Very short term oscillator	Negative -
Short term oscillator	Negative -
RVI trend	Negative -
Trend short term (5 days)	Down ​
Trend mid term (8 days)	Down ​
Differential of trends	Down ​
Risk profile	33 (scale of 1 (low risk) to 100 (high risk))