11/29/2021
US equities rebounded this morning after a tremendous tumble last Friday from the fears of the omicron variant that has been putting pressure on global markets. SPX500 is currently up 1.27% at the time of writing this.
Our outlook
Major vaccine producers are already on the path to studying and working on a way to battle the new virus variant as retail companies are generating over $10 billion in revenue from Cyber Monday as well as the increased spending from consumers on Black Friday. Mandated shutdowns were also not considered yet, but travel bans have been set in place which can hurt travel stocks like airlines or cruise lines.
Trade Setups
SPX500
SPX500 on the 1D chart did not come all the way down to its clean support level in the $4550s which is also paired with the 50 DMA. Should price break under this level, we could expect the index to come down to the $4480s for extra support. It will be important to continue to look for long setups on this index because the virus fears may take us down to lower levels in the short term, but at the same time, these support levels could hold up depending on the news we hear later this week.
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