The Nasdaq remains constrained within a 11,320 to 11,667 range and is currently trading around the 11,339 level.
Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000. Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.
Amid the market gloom, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.
'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. The Nasdaq's lower Bollinger Band® is at 11,226, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, the Nasdaq broke through the 11,500 support line and dropped 169.95 points below it. The Nasdaq made an initial break below its 200 day Simple Moving Average at 11,400, a possible indication of a forthcoming negative trend.
Overall, looking at the technical analysis landscape, it seems the Nasdaq —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Dow Jones closed at 32,265 (down 1.63%). S&P 500 is trading around 3,919 (down 73 points). FTSE is down 50 points from the beginning of the session and now trades around 7,880.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 13:30 UTC.
The index has been trending lower for about a month. The Nasdaq is up 13.34% from the significant low of 10,200 it hit 2 months ago.