Is the bullish run coming to an end? the Nasdaq closed at 12,123 (-0.35%)

Though in the midst of a 3 day uptrend, gaining a total of 1.63%, (236.96 points), The prevailing bullish trend is beginning to fade following Friday's downbeat session. The Nasdaq retained its composure around the 12,123 level after dropping 0.35%.

Nasdaq made an initial break below its 5 day Simple Moving Average at 12,060, a possible indication of a forthcoming negative trend. The Nasdaq's upper Bollinger Band® is at 12,483 which indicates a further downward move may follow. Despite this, the Nasdaq could begin to recover as it approaches significant support, now 92.03 points away from 12,031. Dipping below could be an indication that further losses are ahead.

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

Positive performances can be seen by looking at other markets as Hang Seng went up by 1.68% Friday, and closed at 20,782. FTSE went up by 0.47% Friday, and closed at 7,909.

Furthermore, United States Building Permits (Mar) is scheduled for tomorrow at 12:30 UTC.

The index has been trending positively for about a month. The Nasdaq hit a significant low of 10,200 around 3 months ago, but has since recovered 19.12%.