Selling due to Omicron was done on Fri 11/26, but a new wave of selling started as Powell came in super hawkish before the congress last Wednesday and another regional president doubled down on his hawkishness last Friday. Selling very likely continues until the Fed signals a more dovish plan on tapering, quantitative tightening, and the Fed Funds Rate. In the past, those dovish signals didn't come in until indices had corrected at least 20% from their highs.
DJI: Dow Jones Industrial Index EMA: Exponential Moving Average
DJT: Dow Jones Transportation Index PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index PUL: Primary Uptrend Line
RUT: Russell 2000 Index ASL: Active Support Line
OEX: S&P 100 Index ARL: Active Resistance Line
NDX: NASDAQ 100 Index DTL: Dynamic Trend Line
TUL: Tentative Uptrend Line TDL: Tentative Downtrend Line
Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.