U.S stock futures slightly lower, market focus on the infrastructure bill

The U.S stock market is set to open lower near-flat level today. The market seems to wait for further development on infrastructure bills and job data this week. Last week, inflation concerns subside after Jerome Powell’s comments which assure the current inflation increase is temporary.

Traders will trade cautiously on the bullish side until there is evidence that the trend has changed to bearish.

Asian & European Stock market

The Asian stock market slightly lower. Japan Stock market down 18.16 points (-0.06%) to 29,048.02, China stock market down 1.19 points (-0.03%) to 3,606.37 and Australia ASX 200 down 0.70 points (-0.01%) to 7,307.30. The European stock market also trading on a cautious note. DAX Germany up 0.11%, UK FTSE down 0.38%, and Euro STOXX600 down 0.16%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bullish recovery last week and closed above the daily SMA 50. The index getting near the top trendline and will test it. If the index could print a higher high then traders will expect bullish continuation to print a new record high. On the other hand, rejection from the trendline could pull the index down to retest the horizontal level and the daily SMA 100.

Hive Blockchain Tech LTD (HVBTF)

HVBTF share prices are interesting to watch as it is currently consolidating near the cluster of major levels. There are horizontal levels, daily SMA 200, and the bearish trendline. If the share prices could maintain the level above the daily SMA 200 and breakout above the bearish trendline then traders will expect a new bullish leg.