US stocks Show Signs of Weakness. How far Can It Drop?

Market Updates at a Glance: 24 March 2022 (Thursday)🌎

☛US stocks Show Signs of Weakness. How far Can It Drop?

➤US stocks tumbled more than 1%, with Dow -1.29%, S&P 500 -1.23% & Nasdaq -1.32%.

☛On Technical Front:
-S&P 500 failed at the first test of 200-day moving average. Need an additional candle as a confirmation.
-Nearest support: 4383-4410, 4300 (head & shoulder neckline)- to gauge the strength of the trend &how far can it drop?

-Bellwether S&P 500 futures: Bearish engulfing bar rejected the 200-day moving average-indicated a possible weakness unless it closes above the 200-day moving average.

➤The US dollar index edged higher to 98.60. The 10-year treasury yields slipped to 2.29% while the TLT jumped +2.19%.

☛On Technical Front:
-US dollar index setting up for Possible a bullish pennant formation in Daily Chart.

➤GBPUSD dipped to 1.3205 after CPI & Budget Statement. Yesterday's candle rejected the Fibonacci 38.2% indicated the weakness. Need additional confirmation from market to drop below 1.32 (big round number).

➤Gold rose to $1944 as the possible shift on market sentiment.

➤Oil (Brent) extended the gains to $121 with the decline in US crude inventories as demand jumped.

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