The confirmation of the closing price reversal bottom and the strong close on Friday are reasons to believe traders will be going after 11222.00.
The major U.S. stock indexes finished lower on Wednesday after fresh economic data revealed a cooling of U.S. business activity and the stalemate in Congress over more stimulus elevated concerns about the strength of the economy while the number of global coronavirus cases continued to rise. From March 23 to September 2, hopes of a strong recovery and mountains of fiscal and monetary stimulus measures fueled a rally that took the S&P 500 and NASDAQ Composite to all-time highs. Meanwhile, Federal Reserve Chair Jerome Powell said on Wednesday that the central bank was not planning any “major” changes in its Main Street Lending Program, while saying that both the Fed and Congress need to “stay with it” in working to bolster the economic recovery.
Airline, hotel and cruise companies tracked declines in their European peers as Britain signaled the possibility of a second national lockdown.