The Nasdaq closed at 11,379, continuing its bearish run

Having fallen 615.05 points in 10 days, Yesterday's session continued down the same path: the Nasdaq dipped as low as 11,350 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (11,448) with the Nasdaq closing the day at 11,379.

On the flip side, data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.65 million to 1.17 million this month.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.

Trend and momentum analysis indicates that Nasdaq made an initial break below its 200 day Simple Moving Average at 11,400, a possible indication of a forthcoming negative trend. The Nasdaq formed a session range of 11,350 to 11,479 leaving buyers and sellers highly concentrated around an active Fibonacci support level of 11,400. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 11,224, a low enough level to, generally, suggest that the Nasdaq is trading below its fair value. Technical analysis shows that the Nasdaq could begin to recover as it approaches significant support, now 52.92 points away from 11,327. Dipping below could be an indication that further losses are ahead.

Overall, the technical outlook suggests the Nasdaq is likely to remain muted for the immediate future, with no clear-cut direction.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 192,000; data will be released today at 13:30 UTC.

Furthermore, United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.

Having set a significant low of 10,200 2 months ago, the Nasdaq is trading 12.16% higher.