Stock futures slightly lower as treasury yield gains

U.S stock market is set to open lower today as Treasury yield shows an increase. Traders and investors mostly waiting for ket inflation data this week to get a clue on the next direction. If inflation continues to increase then the stock market will continue its downward movement. Meanwhile, the European central bank ECB announced a plan to increase interest-rate in July. The central bank also project 2022 inflation at 6.8% compared to the previous projection of 5.1%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues the ranging movement inside the horizontal range shown on the daily chart. There is no conclusion yet on the next direction. However, the longer the consolidation happens then the higher chance of explosive movement. It could either target the daily SMA 200 or a new lower low on the chart.

Macy’s Inc (M)

M share prices broke below the daily SMA 200 and extend the bearish movement. At the current time, the share prices have returned near the daily SMA 200. If it could close above the averages then we might see a continuation toward the $28.00 handle. On the other hand, if a bearish rejection happens then M is set to continue the bearish trend.