The stock market is on the rise

The stock market is building bullish pressure on Friday’s trading session aiming to set a new record. There is no change to strategy traders could apply. Whenever a bearish correction happens, traders will continue to accumulate long positions. However, entering long positions at a higher levels or near resistance levels is not suggested and traders better wait for lower entry.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bounced in yesterday’s trading session which might indicate it has completed a short-term bearish correction. There is bullish pressure in today’s trading session but the index looks moving lower after the open. Will the index immediately continue the bullish trend? Alternatively, will we see a deeper bearish correction next month before the Fed rate decision?

Ralph Lauren Corp (RL)

RL share prices undergo a bearish correction and has reached the daily SMA 50 also the previous broken higher high. The share prices might consolidate near the current level while waiting for further bullish reactions. When there is bullish reactions, traders could enter long positions assuming that the share prices will target a new higher high.