Is the bullish run coming to an end? the Nasdaq closed at 12,658 (-0.24%)

Though in the midst of an 11 day uptrend, gaining a total of 5.78%, (722.4 points), The prevailing bullish trend is beginning to fade following Friday's downbeat session. The Nasdaq slid down from 12,700 to 12,658, losing 42.1 points (0.24%) today.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The Nasdaq's upper Bollinger Band® is at 12,646 which indicates a further downward move may follow. Despite this, the Nasdaq could begin to recover as it approaches significant support, now 47.17 points away from 12,600. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Nasdaq.

Positive performances can be seen by looking at other markets as Nikkei is trading around 31,100 after ending Friday's session at 30,800 (up 0.9% today). Hang Seng is trading around 19,678 after ending Friday's session at 19,451 (up 1.17% today).

Furthermore, United States New Home Sales (Apr) scheduled to come out tomorrow at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States Building Permits will be released tomorrow at 12:00 UTC.

The index has been trending positively for about 2 months. The Nasdaq is now trading 24.24% above the significant low (10,200) it slumped to 4 months ago.