The Nasdaq slides down from 11,184 to 11,062, losing 121.92 points (1.09%) today.
On the flip side, United States Initial Jobless Claims came out at 222,000, better than analyst estimates of 225,000 and improving upon the previous reading of 226,000.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Nov) released today at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 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. In contrast, the Nasdaq could begin to recover as it approaches significant support, now 97.2 points away from 10,965. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, the Nasdaq is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index closed at 2,443 (down 1.39%). After ending yesterday's session at 3,958.79, S&P 500 lost 45.79 points and is trading around 3,913. Hang Seng is trading around 18,046 (down 210.82 points).
Furthermore, United States Existing Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC.
The Nasdaq hit a significant low of 10,321 around a month ago, but has since recovered 8.35%.