Stock market on pullback mode

The bullish sentiment on the stock market turned to pause as major indices started a pullback despite strong earnings results. Palantir is the one which lead AI sector correction today as it down more than 8%. Traders might be securing profit after rising uncertainties created by the Fed and ongoing government shutdown. Traders will continue use the bearish correction in the stock market to accumulate long positions for now.

Dow Jones Industrial Average (INDU)

DJIA index retracement has reached the 47,000 level where it might show reactions. If the index bounce upward strongly from the current level, then we might see a bullish continuation to target new higher swing high. However, a deeper bearish correction could happen too with orange trend line as bearish target.

Ralph Lauren Corporation (RL)

RL share prices is moving inside a bullish channel and currently trading near the bottom of channel. If the price respected the channel, then traders could expect a bounce from the current level. On the lower side, there is daily SMA 100 which will provide support for the price. A breakout and close below the averages will open the path lower to target daily SMA 200.