The STOXX Europe 50 Index's prevailing uptrend hits the buffers

• Next support is currently 14.13 points away at 4,264.83
• The STOXX Europe 50 Index's upper Bollinger Band® is at 4,319.84 which indicates a further downward move may follow.

Though in the midst of an 8 day uptrend, gaining a total of 2.4%, (134.96 points), Yesterday's session suggests run might be coming to an end — bearish sentiment ensured the STOXX Europe 50 Index finished yesterday's session lower. However, despite the downward bias, the STOXX Europe 50 Index etched out a distinct 4,277.82 to 4,319 session range.

The index has been trending positively for about 2 months. The STOXX Europe 50 Index is now trading 31.56% above the significant low (3,279) it slumped to 5 months ago.

EuroSTOXX's upper Bollinger Band® is at 4,319.84 which indicates a further downward move may follow. On the other hand, note that the STOXX Europe 50 Index could begin to recover as it approaches significant support, now 14.13 points away from 4,264.83. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the STOXX Europe 50 Index to extend its recent losses.

Fundamental indicators – data for Germany Factory Orders released yesterday at 07:00 UTC is better than expected with 1%, but worse than previous figure of 3.4%.

In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 33,431, Dow Jones lost 575 points and is trading around 32,856. After ending yesterday's session at 20,534, Hang Seng lost 504.29 points and is trading around 20,030. KOSPI Composite Index lost 1.32% yesterday and closed at 2,463.35.

Upcoming fundamentals: Euro Zone ECB President Lagarde speech set for today at 10:00 UTC.