The Nasdaq index sheds 97.67 points (-0.8%) as market bears take the reigns

A quick look at today: the Nasdaq slides down from 12,157 to 12,060, losing 97.67 points (0.8%) today.

The Nasdaq is currently trading at 12,060 following the release of Existing Home Sales (Mar) data from the United States.

Following a previous reading of 240,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 240,000 figure expected by analysts with an actual reading of 245,000.

While price action maintains a negative bias, United States Existing Home Sales (Mar) released today at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.

With regards to technical trend indicators, chart analysis show that despite being in the red so far in the current trading session, Nasdaq peaked above its 10 day Simple Moving Average around 12,100 — typically an early indicator of a new bullish trend beginning to emerge. The Nasdaq chart analysis: after reaching the 12,034 support zone, the Nasdaq bounced and climbed 25.07 points above it.

Overall, while the Nasdaq has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

In the meantime, negative performances are also seen in other markets, S&P 500 is down to 4,129.79, losing 24.73 points, after ending the previous session around 4,154.52. DAX retreats 0.62% today and closed at 15,900. KOSPI Composite Index lost 0.46% today and closed at 2,575.

The index has been trending positively for about a month. The Nasdaq has recovered 19.03% since descending to a significant low of 10,200 around 3 months ago.