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

A quick look at yesterday: after ending Friday at 4,169.48, the S&P went up to 4,187 only to drop back to its starting point and close at 4,168.

US markets were mixed as rising bond yields sparked inflation fears. The iShares U.S. Treasury Bond ETF declined 0.88% to trade at $23.18.

United States JOLTs Job Openings (Mar) is next.

Uncertainty around the S&P is reflected by published market data as United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States OPEC Crude Oil Production Libya (Barrel) came out at 1.1 million, while a consensus of analysts was expecting 1.1 million. United States OPEC Crude Oil Production Nigeria (Barrel) came out at 1.35 million, while a consensus of analysts was expecting 1.35 million.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. On the other hand, note that the S&P is approaching key support, around 8.85 points away from 4,159. 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 the S&P 500 is positioned for a downward move in the near term.

While the S&P was pretty flat yesterday, mixed performances were seen elsewhere as ASX 200 lost 0.92% yesterday and closed at 7,334.6. KOSPI Composite Index added 0.91% and closed around 2,501.53 yesterday. After ending yesterday's session at 7,491.5, CAC lost 40.29 points and is trading around 7,451.21.

Data to be released today might clear up some of the market fog as United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC. United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) is scheduled for tomorrow at 12:15 UTC.

The index has been trending positively for about a month. Having set a significant low of 3,577 6 months ago, the S&P 500 is trading 16.56% higher.