After five days of going up, the Nikkei went down 208.07 points today and closed at 28,950, indicating a potential change of course

A quick look at today: the Nikkei ended the session around the 28,950 level today, after Tuesday's 208.07 points decline and close at 29,158.

Amid the market gloom, Japan Services PMI released today at 00:30 UTC with a figure of 55.4, while the previous figure was 55.

Nikkei's upper Bollinger Band® is at 29,447 which indicates a further downward move may follow. On the other hand, note that the Nikkei could begin to recover as it approaches significant support, now 24.45 points away from 28,974. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting the Nikkei to extend its recent losses.

Other assets are showing positive performances as Dow Jones is trading around 33,674 after ending today's session at 33,128 (up 1.65% today). S&P 500 went up by 1.85% today, and closed at 4,136.25. Notably, Nasdaq rose 2.25% today and closed at 11,966.

Furthermore, Japan Household Spending (MoM) (Mar) is scheduled for today at 23:30 UTC. Japan Household Spending (YoY) (Mar) scheduled to come out today at 23:30 UTC. Japan 10-Year JGB Auction will be released tomorrow at 03:35 UTC.

The index has been trending positively for about a month. The Nikkei is up 189,000% from the significant low of 15.42 it hit 7 months ago.