Yesterday at a glance: the Nasdaq retained its composure around the 10,984 level after dropping 0.59%.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
On the flip side, data from United States concerning Consumer Confidence was released yesterday at 15:00 UTC. Newly published figures emphasized continued decline from last month's figure of 102.2 to 100.2 this month.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
Nasdaq made an initial break below its 21 day Simple Moving Average at 10,956, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 10,974 currently serving as support. If price action breaks below, the next Fib hurdle is 10,856. Despite this, the Nasdaq could begin to recover as it approaches significant support, now 60.35 points away from 10,923. Dipping below could be an indication that further losses are ahead.
Looking forward, the Nasdaq is poised to extend its strong downtrend and continue declining.
Other assets are showing positive performances as KOSPI Composite Index added 1.61% and closed around 2,433.39 yesterday. Notably, FTSE rose 0.51% yesterday and closed at 7,474. ASX 200 is trading around 7,284.2 after ending yesterday's session at 7,253.3 (up 0.43% today).
Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC.
A month ago, the Nasdaq fell to a low of 10,321 but has since recovered 7.05%.