Stock futures are under bearish pressure as yield continues to rise

The stock market is set to open lower today and continue its bearish movement this month. The bearish situation might continue for a while as yield continues to rise and the Fed might continue the rate hike in November. No bullish news yet but traders will continue accumulating long positions in value stocks while waiting for the upcoming bullish trend. October might become the month to watch for either bearish continuation of finally a major long-term bullish reversal.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bearish movement has reached the daily SMA 200 and showed a bullish reaction yesterday. We might see further consolidation near the current level with a bearish bias as the sentiment is bearish after the last FOMC meeting. Despite the situation, traders will continue to add more long positions in stocks, anticipating the upcoming bullish trend.

Cronos Group (CRON)

CRON share prices managed to climb above the daily SMA 200 and made a bearish retest toward it. The share prices look trading upward and close above the averages. If the share prices could add more bullish pressure and move up with strong momentum then the bullish trend could continue. However, it is possible the share prices might continue consolidating near the current level before making further movement.