Stock futures pointed lower after streaks of bullish closes

DJIA futures are down 76 points at the current time after four daily bullish closes. The current upward movement is supported by Russia’s announcement to reduce military presence in some parts of Ukraine. Despite the announcement, the situation could change radically if war starts to intensify again.

Traders and investors are watching closely the situation in the bond market. We have inversion between the 5-year and 30-year treasury yield this week. It is the first time since 2006 inversion which could signal the coming of recession. In a recession situation, the stock market might trade sideways with a bearish bias.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index surpasses the daily SMA 200 and the bearish trendline. It has a chance to entirely reverse the bearish trend. The index needs to climb above the previous swing high as shown on the chart to secure a bullish trend. On the other hand, a bearish reversal from the current level will trigger a massive sell-off below the daily SMA 200.

Albemarle Corp (ALB)

ALB share prices made a bullish recovery and currently trading near the daily SMA 200. Will the share prices climb above the daily averages and the bearish trendline to reverse the current bearish trend? A close above both resistance levels will initially confirm a bullish reversal. To reverse the trend, the share prices need to climb above the area around $245.00 – $250.00.

Yelp Inc (YELP)

YELP share prices are in a bullish recovery mode where it is getting near the daily SMA 200. The economic reopening is a major factor to count in the current bullish movement. If the share prices could close above the daily SMA 200 and print a higher swing high then the bullish trend set to continue for medium-long term.