Stock market more bearish pressure

The pullback of AI sector or the technology sectors continue to become the main driving force of this week bearish movement. No sign of stopping yet, especially when Nasdaq down nearly 6% from the top. Traders will continue to wait until the bearish pressure subside before adding more long positions. An end to government shutdown and the FOMC meeting in December could become the catalyst for next movement.

Dow Jones Industrial Average (INDU)

DJIA index continue under bearish pressure as the bearish correction ongoing. No change of direction yet as the index fall below 47,000. It might extend the downward movement to target the trend line. Under current situation, traders will continue to wait until the index find a footing before start entering long positions in stocks.

Lockheed Martin Corporation (LMT)

LMT share prices looks forming a cup & handle pattern or just breakout from the W pattern. It is currently moving lower to test the neckline. If the share prices could maintain the positions near the daily SMA 200 and bounce from it, then there is chance of new bullish leg.