• Wall Street closed lower on Monday, after the fifth U.S. case of coronavirus was confirmed during the weekend.

• The Dow dropped 453.93 points (-1.57%) to close at 28,535.80.

• Chart-wise, the index gapped down below its 20-Day SMA and found support at its 50-Day SMA. Given the decline in RSI while key technical indicator appears to be losing momentum, we thus turned from a bullish to neutral stance.

• With that, its key resistance levels are at 29,400 (R1) and 29,900 (R2), while support levels can be seen at 27,800 (S1) and 27,300 (S2).

Source: Kenanga Research - 28 Jan 2020