HANG SENG INDEX index sheds 359.94 points (-1.88%) as market bears take the reigns

Yesterday at a glance: HANG SENG INDEX falls 1.88% to close at 19,600 yesterday.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. In contrast, HANG SENG INDEX's lower Bollinger Band® is at 19,500, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for HANG SENG INDEX.

In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 2,523.5, KOSPI Composite Index lost 38.84 points and is trading around 2,484.66.

The index has been trending positively for about a month. HANG SENG INDEX has fallen back around 12.03% over the past 2 months, from a notable high of 22,700.