Coronavirus fears continue to weigh on stocks. In particular, the Moderna CEO predicts less effective vaccines for the Omicron variant, and this has sent stocks back to lows despite an attempt at a rally, yesterday. We made it as high as 4668, which we have identified as a new technical level, before falling back to lows, which appear to be holding for now, perhaps by a thread. A green triangle on the KRI does appear to be suggesting we are finding support here at 4580, but are not really seeing much of a bounce. If current levels don't hold, we could see support at 4564, 4545, or 4504. Watch for stocks to make another bounce and perhaps form a bear wedge with a lower bound at 4580 before cracking it. If we do catch a bid, then 4632 and 4649 need to be broken before we can consider higher levels again.
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