DJIA futures higher as the market prepare for the Fed meeting

The global stock market traded mixed as the U.S 10-year Treasury yield continued to increase last week. The yield reached as high as 1.642%, the highest level since February 2020. At the current time, DJIA futures trade upward more than 100 points.

Traders and investors will focus on the FOMC meeting this week. Theinterest ratee is expected to stay flat at the lowest level. A sign of rate increase or tapering will trigger a sell-off in the stock market.

Asian & European Stock market

The Asian stock market is mixed today. Japan stock market up 49.14 points (+0.17%) to 29,766.97, China stock down 33.13 points (-0.96%) to 3,419.95 and Australia ASX 200 up 6.20 points (+0.09%) to 6,773.00 . The European stock market mostly higher. DAX Germany up 0.31%, UK FTSE up 0.40%, and Euro Stoxx600 up 0.60%.

Technical Analysis

Dow Jones Industrial Average (INDU)

U.S stimulus bill has been approved and the money seems flowing into the stock market. DJIA index continues printing new record high and might not move lower yet. Under the current situation, traders will continue to hold long positions and wait for a bearish correction to add more positions in equity.

Ebay Inc (EBAY)

EBAY share prices corrected lower after the $64.85 high. The share prices have reached the daily SMA 200 and show an initial bounce from it. If the share prices could continue to maintain its position above the averages then traders will expect further bullish pressure and a new bullish rally. Long positions could be considered near the SMA 200.