U.S stock bearish correction

Stock market move lower for second days as profit-taking hit the market. Traders are reacting to the Fed Jerome Powell calling of current valuation, which is fairly highly valued. We could say the downward movement is a healthy bearish correction, and it is better to wait near a strong support level for a chance to add more long positions.

Dow Jones Industrial Average (INDU)

DJIA index printed a bearish pin bar pattern and there is bearish follow-through today. The index looks will start a short-medium term bearish correction. As we mentioned before, 45,000 will become the target to watch. If the index manages to reach the level and form strong bullish reaction, then we might see a new bullish leg to target record high.

Sunoco LP (SUN)

SUN share prices is located near the bottom of consolidation range. It might provide traders with a chance to add long positions. At the current time, $48.00 is the support level to watch. if there is a new lower low with strong momentum below it, then it will invalidate the range. Traders could place a stop order below $48.00 or $46.00 and target daily SMA 200 or $60.00 top of range.