US Stock Market Bears Have An Opportunity to Apply More Pressure

U.S. stock indices continue their tumble on Monday, after commencing the descent last week, as a recent jump in coronavirus cases in China and parts of the United States is causing investors to get nervous.

The capital of China, Beijing, was forced to re-impose measures to curb the spread of the virus following a wholesale food market seeing an unexpected spike of cases. Elsewhere, a record number of new infections and hospitalizations were reported in more U.S. states, including Florida and Texas over the weekend.

The Dow Jones (US30) saw its biggest weekly loss in 12 weeks, with the CBOE volatility index, jumping to its highest level since April 22, demonstrating some nervousness from market players.

It is worth remembering the first wave of Coronavirus panic selling caused the index to shed as much as 38%, within a 6-week period.

A further drop cannot be ruled out, with critical weekly supported eyed around 24,450 looking specifically at the US30. Should the bears break down this area, it could see a fast fall down towards the pre-recovery area that commenced late March-April.



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