US equity indices are closed for the President's Day holiday and resume tomorrow. Meanwhile, here is a recap of Friday: the Nasdaq dropped 55.8 points early on and stayed at 11,800.
Visual analysis of the Nasdaq's chart shows that Nasdaq could begin to recover as it approaches significant support, now 81.36 points away from 11,700. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Nasdaq made an initial break below its 21 day Simple Moving Average at 11,683, a possible indication of a forthcoming negative trend.
All in all, the technical analysis suggests the Nasdaq has no clear-cut direction.
Other assets are showing positive performances as Hang Seng is trading around 20,900 after ending Friday's session at 20,720 (up 0.81% today). Dow Jones is trading around 33,827 after ending Friday's session at 33,700 (up 0.39% today).
At the same time, a flat day for FTSE, closing at 8,014.31.
Furthermore, United States Existing Home Sales (Jan) is scheduled for tomorrow at 15:00 UTC.
The index has been trending positively for about a month. A month ago, the Nasdaq fell to a low of 10,200 but has since recovered 16.08%.