As Russia's war in Ukraine approaches its grim first anniversary, President Biden made a surprise trip to Kyiv on Monday to walk the streets of the capital and keep allies unified in their support for Ukraine. Air raids sirens even howled as he and Volodymyr Zelenskyy wrapped up a visit to the gold-domed St. Michael's Cathedral, in a show of solidarity that took Biden two plane trips and a 10-hour overnight train ride to reach his final destination.
While battlefield losses have piled up for Russia, its economy has so far survived the sweeping sanctions that have led it to become increasingly isolated on the world stage. On the heels of Biden's visit to Kyiv, Vladimir Putin also gave a speech this morning to the country's political and military elite, updating them on his "special military operation" in Ukraine. "We were doing everything possible to solve this problem peacefully," but NATO "covered us with an umbrella." "I want to repeat: it is them who are culpable for the war, and we are using force to stop it," he said to great applause, while thanking people in the separatist regions of Donetsk and Luhansk for "being together with your motherland" and that "means we become even stronger."
President Biden's surprise visit to Ukraine and Russian President Putin's speech were reminders of the dangerous geopolitical landscape.
Uncertainty is typically toxic for markets across all asset classes. In addition, unsettling forecasts from a pair of high-profile retailers combined with lingering concerns about the Federal Reserve also send stocks sharply lower on Tuesday. The Dow shed almost 700 points and the S&P 500 finished below the 4,000 mark.
Chart: SPX daily and 30 mins
From the tech side of analysis, yesterday was a key turning point for the overall markets, after markets opened below prior market close, markets fell directly instead of any tracements, which gave a huge energy selling bar on daily chart. This is the reaction of this geopolitical landscape and fears of the potential World War III. Fear&Greed Index falls from Greed to neutral. Therefore, since the market could not hold up 4030ish level, with no doubt the market will keep falling and test 3900ish level.
Chart: SPX 1 hrs and 30 mins
However, the market has already extended from 8&21 EMA on daily, 1hrs, and 30 mins basis chart, so, most likely the market will correct back today if there's nothing worse happening today. IF the market holds 3990ish level, then this level can be considered as a short term support for the long side of trade, the potential target is 4060ish level. However, all these assumptions are based on the market that can hold above 3990ish level, if the market can not hold this level, then time correction will pull the market to 3920ish level.
Please feel free to express your ideas and thoughts in the comment section.
While battlefield losses have piled up for Russia, its economy has so far survived the sweeping sanctions that have led it to become increasingly isolated on the world stage. On the heels of Biden's visit to Kyiv, Vladimir Putin also gave a speech this morning to the country's political and military elite, updating them on his "special military operation" in Ukraine. "We were doing everything possible to solve this problem peacefully," but NATO "covered us with an umbrella." "I want to repeat: it is them who are culpable for the war, and we are using force to stop it," he said to great applause, while thanking people in the separatist regions of Donetsk and Luhansk for "being together with your motherland" and that "means we become even stronger."
President Biden's surprise visit to Ukraine and Russian President Putin's speech were reminders of the dangerous geopolitical landscape.
Uncertainty is typically toxic for markets across all asset classes. In addition, unsettling forecasts from a pair of high-profile retailers combined with lingering concerns about the Federal Reserve also send stocks sharply lower on Tuesday. The Dow shed almost 700 points and the S&P 500 finished below the 4,000 mark.
From the tech side of analysis, yesterday was a key turning point for the overall markets, after markets opened below prior market close, markets fell directly instead of any tracements, which gave a huge energy selling bar on daily chart. This is the reaction of this geopolitical landscape and fears of the potential World War III. Fear&Greed Index falls from Greed to neutral. Therefore, since the market could not hold up 4030ish level, with no doubt the market will keep falling and test 3900ish level.
However, the market has already extended from 8&21 EMA on daily, 1hrs, and 30 mins basis chart, so, most likely the market will correct back today if there's nothing worse happening today. IF the market holds 3990ish level, then this level can be considered as a short term support for the long side of trade, the potential target is 4060ish level. However, all these assumptions are based on the market that can hold above 3990ish level, if the market can not hold this level, then time correction will pull the market to 3920ish level.
Please feel free to express your ideas and thoughts in the comment section.
