Three factors are weighing in on stocks lately. We have the persistent boogeyman of the new Omicron coronavirus strain that is vaccine resistant and has been weighing on global markets all this week. Also, Fed Chair Powell has made some hawkish statements about rates and tapering in response to inflation. Finally, the OECD has voiced a gloomier outlook for the US and Europe on account of persistent inflation. Hence, stocks plunged further breaking support at 4580, but bottoming out at 4564, the level just below. We are seeing a green triangle on the KRI here confirming support, and are currently getting a lift at the time of this writing. We've bounced through the vacuum zone and appear to be running out of steam just under 4632. This level will prove formidable, and we have several levels to break after that before considering highs again. The Kovach OBV is still very bearish, but this could indicate that we are oversold and confirm the relief rally we are seeing right now. If support levels don't hold, 4545 will be the next target from below.
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Stocks dumped exactly to our level at 4580! First Omicron case was detected in the US and so we saw a wave of panic selling. Be very careful here...
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aaaand stocks have blasted through lows as the Asia-Pacific session catches word of the first confirmed Omicron Coronavirus case in the US... This could get interesting... 🍿👀
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