Stock market retreat led by Tech sector

U.S. stock markets are trading lower today as selling pressure in the technology sector intensifies, led by renewed concerns surrounding Oracle. Weakness in tech has spilled over into the broader market, triggering a risk-off tone despite expectations that the Federal Reserve will remain accommodative following the recent rate cut. After strong gains last week, traders are taking profits, resulting in a pause in upside momentum. We might see further weakness for now, but expect a bullish reversal could happen before the end of the year.

Dow Jones Industrial Average (INDU)

DJIA is trading lower today extending the weakness for fourth days. The index is moving near the previously broken swing high, which is acting as short-term support. Despite the current decline, the broader view, bullish structure remains intact, with price continue printing higher swing high and higher swing low. A deeper retracement toward the 47,000 level or the trend line remains possible. Overall, the trend stays bullish, and the pullback is seen as a corrective move before the next potential upside continuation.

Sea Limited (SE)

SE continues to trade under pressure as the bearish structure remains intact. Price is extending lower and soon will reach the 161.8% Fibonacci Extension level and the $100.00 level. We could expect bounce reactions from the area and see $130.0 – $131.00 also $145.00 as resistance levels. On the upside, the share prices need to close above the daily SMA 200 to return to bullish trend.