US stocks closed broadly lower overnight on the arrival of China’s coronavirus. The Centers for Disease Control and Prevention confirmed the first case in the US. In China, a physician physician who investigated the outbreak said he has himself been infected. China’s Center for Disease Control and Prevention also warned that the new virus which killed nine people is adapting and mutating.
S&P 500 closed down -0.27% at 3320.79. Despite the pull back, there is no threat to the uptrend for now. As long as 3214.63 support holds, current up long term up trend is expected to extend to 100% projection of 1810.10 to 2940.91 from 2346. 58 at 3477.39 next.
