Markets spooked by hawkish Fed

The U.S. markets may have started to realise that the Fed is serious about raising rates this year. I don't believe that they actually will go ahead and raise the rate but just talking tough will be enough to take heat out of the market.

The weekly charts below are showing sideways consolidation. I would not be surprised to see a test of the weekly kijun sen on all these charts. I don't think we will see a test of the weekly kumo at this stage. It will all depend on the USD/JPY. If this pair breaks down then we will most likely see a test of the kumo.

                                Dow Jones cash weekly

                                 Nasdaq cash weekly

                                 S&P 500 cash weekly