The Dow and S&P 500 fell on Monday as fears of additional Covid-19 restrictions offset the optimism around a vaccine rollout.

The S&P 500 declined by 0.4% to 3,647.49, posting its first four-day losing streak since Sept. 21. 

New York City Mayor Bill De Blasio warned earlier in the day that the city could experience a “full shutdown” soon. His comments put pressure on the Dow and S&P 500.

The Covid-19 vaccine is being rolled out amid some of the darkest days of the pandemic in the U.S. More than 300,000 coronavirus-related deaths have been confirmed in the U.S. Over 16 million cases have been reported in the U.S.

Meanwhile, lawmakers in Washington tried once again to push forward on a new coronavirus stimulus package.
 

Plan A : Short if market failed to support above 3651. Targets are 3625, 3599 and 3574.

Plan B : Long if market doesn't retrace much and supported firm above 3651. Targets are 3667, 3685 and 3701.

E-Mini Nasdaq

U.S. stock futures moved slightly higher on Monday evening as Congress continued negotiations on another economic relief package and vaccines began to roll out across the country.

The Nasdaq Composite outperformed, rising 0.5% to 12,440.04.

Lawmakers released the latest proposal for another round of economic relief on Monday evening, splitting a previous bipartisan proposal into two parts.

The new plan calls for $748 billion in spending for programs that are popular on both sides of the aisle, including an additional $300 per week in federal unemployment benefits and another $300 billion for more loans under the Paycheck Protection Program.

A second $160 billion bill would include the more contentious areas of business liability protections and financial aid to state and local governments.

On Tuesday, investors will be watching new data from the Empire State Manufacturing Survey to get a read on that segment of the economy. The Federal Reserve will also begin its two-day December meeting, with a policy statement and press conference for Chair Jerome Powell scheduled for Wednesday.

Plan B : Long if market doesn't retrace much and supported firm above 12436. Targets are 12465, 12498 and 12521.