The Nikkei index sheds 500 points (-1.68%) as market bears take the reigns

A quick look at today: the Nikkei ended the session around the 27,800 level today, after yesterday's 500 points decline and close at 28,300.

While price action maintains a negative bias, Japan Services PMI released today at 00:30 UTC with a figure of 55, while the previous figure was 54.2. Fresh 10-Year JGB Auction data from Japan came out at 0.456.

Nikkei made an initial break below its 21 day Simple Moving Average at 27,821, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at 27,849, market bears have earmarked 27,673 as the next downside target. The Nikkei broke through the 27,941 support line and dropped 128.12 points below it.

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

In the meantime, negative performances are also seen in other markets, Dow Jones draws back 0.59% today and closed at 33,600. After ending today's session at 4,124.51, S&P 500 lost 23.91 points and is trading around 4,100.6.

Other assets are showing positive performances as FTSE added 0.38% and closed around 7,634.52 today.

Furthermore, Japan Household Spending (YoY) (Feb) will be released tomorrow at 23:30 UTC. Japan Household Spending (MoM) (Feb) is expected tomorrow at 23:30 UTC.

After hitting an important low of 15.42 approximately 6 months ago, the Nikkei has bounced back 183,346% since.