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Find out why $E-mini S&P 500 Futures(SEP4)(ESmain.US$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US$ are in a vulnerable position and prone for a correction and if there will be a potential rotation among the US indices such as into $E-mini Russell 2000 Index Futures(SEP4)(RTYmain.US$ and $E-mini Dow Futures(SEP4)(YMmain.US$ . This video is extracted from my Weekly Live session on 21 Nov 2021. $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Dow Jones Industrial Average(.DJI.US$
Watch the YouTube Video below:
Watch the YouTube Video below:
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Today's shortened trading day was supposed to be a calm one, given the typically low trading volumes seen on Black Friday, but fears of a new COVID-19 variant found in South Africa is shaking up sentiment. $E-mini Dow Futures(SEP4)(YMmain.US$ plunged 758 points overnight, while contracts linked to the $E-mini S&P 500 Futures(SEP4)(ESmain.US$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US$ fell 1.7% and 1%, respectively, after stocks sold off in Europe and Asia. WTI $Crude Oil Futures(AUG4)(CLmain.US$ also tumbled nearly 5% to under $75 as the U.K. imposed fresh travel restrictions and investors reacted to panic over future demand.
The new variant: Believed to have first emerged in Botswana, B.1.1.529 will be called as such until until a Greek letter is assigned to it by the World Health Organization. The variant carries an unusually large number of mutations associated with increased antibody resistance and is "clearly very different" from previous incarnations. South African scientists have already detected 30 mutations to the spike protein, which play a big role in how the virus enters the body.
The biggest concern is whether the virus could lead to more serious illness or decrease the effectiveness of vaccines and treatments. While we don't yet know whether it's more infectious or deadly than other variants, it's spreading across the globe. B.1.1.529 has been found in travelers arriving in Hong Kong, just as COVID cases surge around the world heading into the holiday season.
Go deeper: The World Health Organization has scheduled a special meeting for today to discuss whether to declare the new strain a "variant of concern." "For the moment it is understood that the number of cases is small, but due to the thin liquidity levels in Asia trading as a consequence of the U.S. holiday the reaction does appear to be outsized," said Michael Hewson, chief market analyst at CMC Markets. Other variants of concern include the Delta variant, which is now dominant worldwide, as well as the Alpha variant, which triggered a deadly wave of infections across Europe and the U.S. last winter and spring.
The new variant: Believed to have first emerged in Botswana, B.1.1.529 will be called as such until until a Greek letter is assigned to it by the World Health Organization. The variant carries an unusually large number of mutations associated with increased antibody resistance and is "clearly very different" from previous incarnations. South African scientists have already detected 30 mutations to the spike protein, which play a big role in how the virus enters the body.
The biggest concern is whether the virus could lead to more serious illness or decrease the effectiveness of vaccines and treatments. While we don't yet know whether it's more infectious or deadly than other variants, it's spreading across the globe. B.1.1.529 has been found in travelers arriving in Hong Kong, just as COVID cases surge around the world heading into the holiday season.
Go deeper: The World Health Organization has scheduled a special meeting for today to discuss whether to declare the new strain a "variant of concern." "For the moment it is understood that the number of cases is small, but due to the thin liquidity levels in Asia trading as a consequence of the U.S. holiday the reaction does appear to be outsized," said Michael Hewson, chief market analyst at CMC Markets. Other variants of concern include the Delta variant, which is now dominant worldwide, as well as the Alpha variant, which triggered a deadly wave of infections across Europe and the U.S. last winter and spring.
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