US OPEN: Wall Street attempts to rebound after Monday's panic

• US stocks opened higher
• US2000 near major support
• Coinbase (COIN.US) plans to laid-off 18.0% of its workforce

US indices launched today's session higher in an attempt to recover from Monday losses. During yesterday's session the S&P 500 fell nearly 4.0% and is down 21% from its January record. The Dow also declined 2.8% and is roughly 17% off its record high, while the Nasdaq Composite slumped 4.7% or more than 33% off its November record. Today's upward move may be a result of profit taking and positioning ahead of tomorrow’s FOMC decision. Major banks revised their forecasts regarding interest rate hikes. Deutsche Bank, JP Morgan, Barclays and Goldman Sachs now expect a 75 bp hike tomorrow. Traders now see a more than 90% chance of a 75 bp rate hike.

US2000 fell sharply on Monday however sellers failed to break below key support at 1700 pts where May 2022 lows are located.  As long as the price sits above this level, another upward impulse could be launched. The nearest resistance to watch is located at 1880 pts and coincides with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5

Company news:

Coinbase (COIN.US) stock fell more than 7.0% in premarket after the cryptocurrency exchange operator's will cut 18% of its workforce due to possible recession and upcoming "crypto winter". Meanwhile J.P. Morgan Securities downgraded stock to "neutral" from "overweight" as recent crypto sell-off coupled with Coinbase's increased investments, make it difficult to foresee profitability in the near future.

Coinbase (COIN.US) stock continues to move lower and is currently approaching all-time low at $41.60. In case of a break below the aforementioned support, downward move may accelerate. On the other hand, if buyers manage to halt declines, nearest resistance to watch is located at $118.00 which is marked with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5

Oracle (ORCL.US) shares jumped over 11% in premarket after computer technology posted solid revenue figures partially thanks to strong increase in demand in its infrastructure cloud business as more businesses moved towards hybrid workplace.

Continental Resources (CLR.US) stock surged more than 8.0% before the opening bell after the oil and natural gas producer receiving a $70 per share buyout proposal from its founder Harold Hammwhich values the company at around $25 billion. The company’s board will establish an independent committee to evaluate the proposal.

Twitter (TWTR.US) stock rose over 2.0% in premarket after Elon Musk agreed to attend employees in an all-hands meeting on Thursday.