Wall Street erases Monday's gains in a 3% tumble

The wheels came off for Wall Street in Tuesday's New York trading session, and both the S&P 500 (S&P) and the Dow Jones Industrial Average (DOW) tumbled 3% apiece, erasing Monday's gains that included a 70-point rally in the DOW which had US President Donald Trump tweeting and broader markets up amidst voracious risk appetite, despite declines in tech stocks fueled by Facebook's share price collapse following revelations of a major data breach and systematic mishandling of users' personal data.

The buyer's paradise was short-lived, and today's plummet sees the S&P and the DOW both shrinking back into last week's lows. Geopolitical tensions over looming trade wars, lulling growth figures across the globe for the first quarter of 2018, and systemic slack in labour markets have all come home to roost simultaneously, and traders piled into the exits today. 

DOW Levels to watch

The DOW sank to a low of 23,722.60 after tanking from the day's high of 24,457.00, but the index managed a meek recovery to end the day near 23,863.00, almost bang-on the 61.8 Fibo retracement level for the week. Declines are pricing heavily on Daily candles and intraday support is thinning at Friday's low of 23,504.50 with the 200-day SMA approaching from the depths near 23,400.00, while resistance piles up from early March's previous swing low of 24,405.50 and the 34-day EMA declining into 24,756.50.