DOW dropped -1464.94 pts or -5.86% overnight. DOW futures is down a further -1000 pts after Trump’s announcement. Technically, it’s still on track to 100% projection of 29568.57 to 24681.01 from 21702.34 at 22214.78.
This level is inside an important support zone between 55 month EMA (now at 22627) and 38.2% retracement of 6469.96 to 29568.57 at 20744.89. Initial support is expected there to halt the selloff.
However, decisive break there will firstly hints on further downside acceleration. Also it would open up the case for decline to next key support level at 61.8% retracement at 15293.62.
