Bullish phase under threat as the Nasdaq stays range-bound

Stable at 13,600 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — after ending yesterday at 13,600, the Nasdaq traded in a 13,540 – 13,619 range before settling at 13,600.

United States Core PCE Price Index (MoM) (May) is next today at 12:30 UTC.

The Nasdaq's state is reflected by market data as United States Pending Home Sales published yesterday at 14:00 UTC came out at -2.7%, falling short of the -0.5% projections and continuing its decline from the previous -0.4% figure. United States GDP beat the 1.4 projections, with two. United States Initial Jobless Claims beat analyst expectations of 266,000 and the previous reading of 265,000 with new data of 239,000.

Nasdaq made an initial break below its 10 day Simple Moving Average at 13,555, a possible indication of a forthcoming negative trend. The Nasdaq's upper Bollinger Band® is at 13,837, suggesting that a downward move may follow. Despite this, the Nasdaq is oscillating around the 13,548 level serving as support.

According to technical indicators, the Nasdaq is positioned for a downward move in the short term.

While the Nasdaq was pretty flat yesterday, mixed performances were seen elsewhere as Dow Jones added 0.8% and closed around 33,853 yesterday. KOSPI Composite Index is trading around 2,564.28 after ending yesterday's session at 2,550 (up 0.56% today).

Data to be released today might clear up some of the market fog as United States Core PCE Price Index (MoM) (May) is scheduled for today at 12:30 UTC.

The index has been trending positively for about 3 months. The Nasdaq hit a significant low of 10,200 around 6 months ago, but has since recovered 33.08%.