U.S futures bullish on yield retreat

The U.S 10-year Treasury yield becomes the important data to watch this year as the yield moving upward moderately since the beginning of the year. On Monday, the yield reached 1.62% and retreat to 1.52% today. If the yield continues to move lower and stabilize then the stock market is expected to continue to adding its bullish gain.

Traders will need to weigh the current situation and determine whether the current increase in yield is a sign of inflation out of control or the start of economic recovery.

Asian & European Stock market

The Asian stock market mostly mixed today. Japan stock market up 284.69 points (+0.99%) to 29,027.94, China stock down 62.12 points (-1.82%) to 3,359.29 and Australia ASX 200 up 31.60 points (+0.47%) to 6,771.20 . The European stock market mostly higher. DAX Germany up 0.30%, UK FTSE up 0.29%, and Euro Stoxx600 up 0.51%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed another all-time high yesterday after the bounce from daily SMA 50. The index trend has not changed yet as it could maintain the level above daily SMA 50. Traders will let the index continue moving upward while waiting for a major bearish correction.

Beyond Meat Inc (BYND)

BYND share prices corrected lower after it reached $221.00 high. The share prices recently broke out below the cluster of averages. On the downside, the level around $120.00 might become a major support level to watch. On the upside, we might see the share prices have a hard time moving above $150.00.

Traders will use the current situation to enter long positions near $120.00 with a tight stop below it.