U.S stock market back under bearish pressure

The stock market has erased the losses since the previous Friday’s drop. However, the positive sentiment seems waning and the stock market turn lower again. Banking sector weigh the market today as Bad loans issue surfacing. Traders are trading without new economic data release as the shutdown entered the third week. It seems the current situation might continue for a while and the downward direction could continue until this month FOMC meeting.

Dow Jones Industrial Average (INDU)

DJIA index back under bearish pressure and might resume the downward movement to target the 45,000 and orange trend line. It might provide traders with a chance to enter at a lower level, and it is better to wait and see for now. In the medium-long term, we see the index resume the bullish movement to new swing high. But, a breakout and close below 43,340 might be the confirmation that the bullish trend has ended.

Rocket Companies, Inc (RKT)

RKT share price’s bearish correction has reached the crucial point where there are horizontal support line and the Fibonacci Retracement levels. The area between daily SMA 200 and $15.90 could become the major area to watch for bullish reactions to enter long positions. Traders who enter long positions will place a stop order below $13.00.