US30 Soft After Monday’s Drop

  • US30

US30 - H4

The index managed to end its four-week losses in an emphatic way, but the current week has started on the back foot. This is to a large extent, due to fresh Omicron jitters and the prospects of faster QE tapering from the Fed.

Wednesday's monetary policy decision can affect the US stock markets, while the economic calendar features more releases from the US, starting today with the Producer Price index.

US30 extends its losses today. testing key technical levels. In particular, the 23.6% Fibonacci of the December low/high ascend (35,614) - which had supported it over the previous days - and the upper border of the Daily Ichimoku Cloud.

A breach can open the door towards 38.2% Fibonacci (35,300-35,296) which coincides with the ascending trend-line form this month's lows. This area however also includes the EMA200, so there are technical opportunities for it to react.

As long as US30 can keep above the EMA200, the road towards last week's highs (36,128) is open, but a catalyst will likely be required for such moves that will bring the record highs back into the spotlight (36,570).

Past Performance: Past Performance is not an indicator of future results.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.


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