The S&P 500 index sheds 33.67 points (-0.77%) as market bears take the reigns

A quick look at yesterday: overall, the S&P shed around 33.67 points or 0.77% and ended yesterday's session at 4,348.33.

Amid the market gloom, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions came out at 163,000.

Chart analysis suggests S&P 500 could begin to recover as it approaches significant support, now 10.73 points away from 4,337.6. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that despite being in the red so far in the current trading session, the S&P peaked above its 3 day Simple Moving Average around 4,356.52 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that the S&P's upper Bollinger Band® is at 4,403 which indicates a further downward move may follow.

Overall, while the S&P 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, ASX 200 lost 1.34% yesterday and closed at 7,195.5. Hang Seng retreats 1.71% yesterday and closed at 19,218. Nikkei stumbles 1.45% yesterday and closed at 33,265.

The index has been trending positively for about 3 months. The S&P 500 now trading 7.89% above its 3-month low of 3,577.