The Nasdaq is range-bound between 10,400 and 10,565 today after shedding 216.2 points and closing at 10,616 yesterday.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
On the flip side, positive data for the Nasdaq released earlier when United States Crude Oil Inventories beat analyst expectations of 1.36 million and the previous reading of -3.12 million with new data of 3.92 million.
While price action maintains a negative bias, United States 10-Year Note Auction released today at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. Fresh Cushing Crude Oil Inventories data from United States came out at -923,000.
Bollinger Bands® shows an indication of recovery: the lower band is at 10,235, a low enough level to, generally, suggest that Nasdaq is trading below its fair value. The Nasdaq could begin to recover as it approaches significant support, now 72.77 points away from 10,477. Dipping below could be an indication that further losses are ahead. In contrast, the Nasdaq made an initial break below its 5 day Simple Moving Average at 10,500, a possible indication of a forthcoming negative trend.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the Nasdaq is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Dow Jones is down to 32,700, losing 460.83 points, after closing at 33,161 in the preceding trading session. S&P 500 is trading around 3,771.26 (down 56.74 points).
Positive performances can be seen by looking at other markets as KOSPI Composite Index improves 1.06% to trade around 2,424.41.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 8%. It previously stood at 8.2%; data will be released tomorrow at 13:30 UTC.
The Nasdaq is now trading 16.04% below its 3-month high of 16,057.