Yesterday at a glance: down on the day: the Nasdaq closed at 11,171 after ranging between 11,065 and 11,352.
United States Core Retail Sales published today at 13:30 UTC came out at -0.2%, falling short of the 0.2% projections and continuing its decline from the previous 1.2% figure. Retail Sales in United States fell short of market expectations (-0.1%) with a reading of -0.6%, continuing the decline from the previous figure of 1.3%.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Dec) released today at 13:30 UTC with a figure of -13.8, while the previous figure was -19.4.
Nasdaq made an initial break below its 21 day Simple Moving Average at 11,200, a possible indication of a forthcoming negative trend. The Nasdaq's upper Bollinger Band® is at 11,483 which indicates a further downward move may follow. On the other hand, note that the Nasdaq could begin to recover as it approaches significant support, now 130.83 points away from 11,040. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Nasdaq.
In the meantime, negative performances are also seen in other markets, KOSPI Composite Index dips 1.6% yesterday and closed at 2,399.25. CAC is down to 6,619, losing 111.79 points, after ending the previous session around 6,730.79. DAX dips 1.65% yesterday and closed at 14,460.
The index has been trending positively for about a month. Having set a significant high of 15,871 2 months ago, the Nasdaq is trading 9.06% lower.