The major stock indices fell on Monday as investors continued to grapple with the resurgence of Covid cases spurred from the newfound omicron variant. Dow Jones Industrial Average (US30) dropped about 650 points, S&P 500 (US500) dipped 1.7% and Nasdaq Composite (US100) declined 1.5%. The small-cap benchmark Russell 2000 (US2000) lost 2.8%. The downward move in markets is a result of Biden’s "Build Back Better" Bill rejection, as well as growing uncertainty surrounding whether the Omicron surge will bring new widespread economic shutdowns.
Taking a look at the US2000 chart, one can see that the index broke below the local trendline which next acted as a resistance (2275 points). However the downward move reached a key support area, where the buyers appeared (2100 pts). According to the classic of technical analysis, bouncing off this support may herald a resumption to the upward trend. On the other hand, if the aforementioned 2100 pts support is breached, the round 2000 pts handle will be the next key support to watch.
Source: xStation5
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