The Nasdaq closed at 11,966 today after 5th straight days of drops

A quick look at today: the Nasdaq dipped as low as 11,925 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (12,000) with the Nasdaq closing the day at 11,966.

Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.

Amid the market gloom, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.

Trend-focused traders would be interested to note that the MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. According to asset volatility analysis, the Nasdaq's upper Bollinger Band® is at 12,256 which indicates a further downward move may follow. Technical chart analysis shows the Nasdaq could begin to recover as it approaches significant support, now 49.6 points away from 11,917. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests the Nasdaq has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, FTSE decreases 1.1% today and closed at 7,788.37. After ending today's session at 33,400, Dow Jones lost 272.26 points and is trading around 33,128.

Other assets are showing positive performances as Hang Seng added 1.27% and closed around 19,700 today.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. United States Unemployment Rate projected to come out at 3.6 — worse than previous data of 3.5; data will be released tomorrow at 12:30 UTC.

The index has been trending positively for about a month. The Nasdaq is now trading 17.74% above the significant low (10,200) it slumped to 4 months ago.