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(H2)‌‌ Resumes Its Downtrend

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  • Stocks traded solidly lower on Friday, with the S&P 500 shedding close to 2%, while the Dow Jones underperforming to drop nearer 2.5%. The energy and financials sectors in the US led the way lower, with soft oil prices hindering oil explorers and refiners, while a considerably flatter US yield curve worked against banks.
  • The e-mini S&P showed below the 4,600 level, nearing first key support at 4562.53/4543.75 the 50-day EMA / Oct 27 low.
  • There was a 2020 feel to individual stock performance, with Pfizer, Moderna and Clorox among the session's best performers, while the likes of Live Nation Entertainment, United Airlines and Carnival were marked sharply lower in response to the new COVID variant of concern, dubbed Omicron by the World Health Organization.