US markets were mixed as rising bond yields sparked inflation fears.

A quick look at today: ASX recovered back to 7,316.3 after dipping down to 7,285.3, in a session that followed Monday's 7,322 close value.

The US yield curve struggled to maintain its balance as bond yields rose across the board. After trading around 3.54%, the yield on one month US government debt rose to 4.11%.

This uncertain state for ASX is reflected by published market data as Australia Consumer Price Index released today at 01:30 UTC with a figure of 1.4, while the previous figure was 1.9. Australia Trimmed Mean CPI (QoQ) (Q1) came out at 1.2, while a consensus of analysts was expecting 1.4. Australia Consumer Price Index came out at 7%.

ASX 200 made an initial break below its 21 day Simple Moving Average at 7,291.3, a possible indication of a forthcoming negative trend. Despite this, ASX is approaching key support, around 45.33 points away from 7,271. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests ASX is positioned for a downward move in the near term.

While ASX was pretty flat today, mixed performances were seen elsewhere as CAC is down to 7,466.66, losing 64.95 points, after ending the previous session around 7,531.61. Nasdaq improves 1.11% today and closed at 11,800. FTSE stumbles 0.49% today and closed at 7,891.

The index has been trending positively for about a month. This year has been a bright one for ASX after trading as low as 6,434.7 and going on to appreciate by 5.41% year to date.