The S&P index sheds 12.24 points (-0.3%) as market bears take the reigns

A quick look at yesterday: down on the day: the S&P closed at 3,970 after ranging between 3,969 and 3,997.5.

United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.

Data from United States concerning Consumer Confidence was released yesterday at 15:00 UTC. Newly published figures emphasized continued decline from last month's figure of 106 to 102.9 this month.

Amid the market gloom, United States API Weekly Crude Oil Stock came out at 6.20 million, while a consensus of analysts was expecting 440,000. United States Chicago PMI (Feb) released yesterday at 14:45 UTC with a figure of 43.6, while the previous figure was 44.3.

S&P 500 could begin to recover as it approaches significant support, now 9.9 points away from 3,960.25. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the S&P 500 peaked above its 50 day Simple Moving Average around 3,979.73 — typically an early indicator of a new bullish trend beginning to emerge. The S&P's lower Bollinger Band® is at 3,933, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the S&P 500 is set to appreciate despite today's setback.

In the meantime, negative performances are also seen in other markets, FTSE stumbles 0.74% yesterday and closed at 7,935. Dow Jones slumps 0.71% yesterday and closed at 32,900.

Other assets are showing positive performances as notably, Hang Seng rose 3.33% yesterday and closed at 19,800.

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 457,000 — worse than previous data of 7.65 million; data will be released today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.

Furthermore, United States ISM Manufacturing PMI (Feb) is expected today at 15:00 UTC.

The S&P hit a significant low of 3,577 around 4 months ago, but has since recovered 11.33%.