Stock market continue decline

The pullback which started by AI sector continue today. There is no bullish sign yet in the market, and traders will wait until the selling over before entering long positions. Concern growing over the U.S labor market as significant layoff is reported in October. Aside from that, delay of economic data release also made the picture blurred as government shutdown has lasted for one month, which is the longest in history.

Dow Jones Industrial Average (INDU)

DJIA index bearish retracement is ongoing and currently sit near the 47,000 level. The index might continue the bearish movement and target the trend line. As the bearish correction ongoing, traders will wait until the index stabilize to enter long positions at a lower level. We might see the situation continue for a while until next FOMC meeting or when U.S. government re-opening.

Palantir Technologies, Inc (PLTR)

PLTR share prices turned lower after the latest earnings result. It is near the bullish trend line where it might find support. But, if the share prices extended the bearish movement, then it might target the 38.2% Fibonacci Retracement level or the daily SMA 200. Traders will use the current bearish correction as a chance to add long positions. On the lower side, a close below the daily SAM 200 could become the signal that the trend has changed.