The NASDAQ index initially rose, surpassing its 100-hour moving average, reaching 17136.55. This was below the previous high of 17202 and the swing level of 17238.24, as well as the declining 200-hour moving average at 17317.81. These levels remain unbroken, maintaining a bearish outlook.
NASDAQ dropped to session lows at 16736.99, below its 100-hour moving average of 16855.99. To reverse the trend, prices must exceed this average. Without this upward movement, the next downside targets are 16550.61 and the 50-hour moving average at 16119.34. Currently, NASDAQ stands at 16713, reflecting a decrease of 13 points.
current position of s&p
Meanwhile, the S&P index is up by approximately 9.31 points or 0.18%, resting at 5372.56. However, like NASDAQ, it also slipped beneath its 100-hour moving average of 5431.04. The next support to monitor is 5336.38.
What we see here is a delicate balancing act in the major indices, especially the NASDAQ, which had shown a temporary bounce above the 100-hour moving average, only to falter before reclaiming the more distant levels — specifically the lower high at 17202, the clearly defined swing point at 17238.24, and the declining 200-hour average currently holding near 17317.81. All of these remain untouched for now, and this sequence of lower highs continues to reflect persistent downward traction in the broader trend.
That brief touch above the 100-hour mark was short-lived and quickly turned lower, confirming that sellers remain in control so long as these higher resistance markers don’t fall. The measure from the recent dip to 16736.99 placed it decisively below the same 100-hour average of 16855.99, a threshold now acting more like a ceiling than a floor. Any move that doesn’t push efficiently beyond it increases the probability of the market continuing to test deeper support. Specifically, that includes the former floor around 16550.61 and, should momentum gain to the downside, the 50-hour moving average positioned way down at 16119.34.
technical situation analysis
As it stands now, the index has drifted further to 16713. With this, we’re navigating a risk-off tone that suggests momentum favours the sell-side unless buyers can convincingly reclaim that 100-hour average — and quickly.
Looking next to the S&P, the index has managed to stay in green territory, gaining 9.31 points and sitting around 5372.56. However, it’s important to remember it, too, was rejected from above its 100-hour moving average, set near 5431.04. The failure to reclaim it hints at similar pressure. There may be less volatility in its moves at the moment, but it remains equally exposed. A quiet push above the surface can snap back without warning. The next patch to monitor lies down at 5336.38, which could emerge as a near-term testing ground unless buyers can reassert control in short order.
At this stage, what we are dealing with is a technical situation that’s not ambiguous. The support and resistance levels are well-established and price reacts with precision around them. We treat these numbers not as theoreticals but as recurring markers. Each touch builds context. Each rejection at resistance without follow-through points to waning demand. If certain moving averages no longer hold as support, but slide into acting as barriers on the upside, then that sentiment tilts on its own.
In terms of approach over the next stretch of sessions, we could lean on the clearly defined thresholds to decide direction. It becomes less about predicting where we hope the market will go and more about responding to what it actually does when these price levels come into play. If momentum returns above known pressure zones — and holds, ideally with higher closes — we adjust accordingly. If it doesn’t, we continue managing for further weakness. The wider indices are delivering messages, but they’re clearer when we observe what price refuses to do.
