Major US indices deepened downward move ahead of highly anticipated speech from President Biden on Ukraine and potential sanctions against Russia. So far his speech has been moving around. Dow is falling for a fourth straight session and today dropped below major support at 34,000 pts, while the S&P 500 lost 1.64% and reached the lowest level since July. Meanwhile the tech-heavy Nasdaq 100 dropped 1.94%.
US30 erased early gains and is again testing a major support zone around 33410 pts which is marked with lower limit of the 1:1 structure and previous price reactions. If current sentiment prevails, the next target for sellers is located around 32475 pts and is marked with 127.2% external Fibonacci retracement of the upward wave launched in October 2021. Source: xStation5
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