The broader U.S. stock indices remain lower on the day but have recovered from their session lows as buyers stepped in at key technical support levels in both the Nasdaq 100 and S&P 500.
For the Nasdaq 100, the decline found willing buyers between the converging 100-hour and 200-hour moving averages, currently at 25,919.52 and 25,993.80. The session low reached 25,968.44, right between those two key averages, before rebounding. That successful test keeps the broader uptrend intact for now. To strengthen the bullish bias, buyers need to push the index back above the recent swing highs near 26,302. A break above that level would shift the focus toward the June 18 high near 26,560, followed by the June 16 high at 26,788. On the downside, a sustained move below the 100-hour moving average near 25,920 would weaken the technical outlook and could trigger increased selling pressure, exposing the June 8 low near 25,529 as the next key downside target.
The S&P 500 also found support at an important technical level. The index fell to 7,531.72, testing the underside of a previously broken trendline near 7,526, where buyers stepped in and pushed prices back higher. That bounce keeps the near-term bullish bias alive, but buyers still need to reclaim the cluster of recent highs around 7,578—a level that capped advances on June 15, as well as Monday and Wednesday of this week. A break above that resistance would open the door for a retest of the record high at 7,620.90. Conversely, a move back below the trendline near 7,526 would tilt the bias back to the downside, with the 100-hour moving average at 7,491.12 and the 200-hour moving average at 7,468.09 becoming the next important support targets. A break below those moving averages would give sellers greater control and increase the risk of a deeper correction.
This article was written by Greg Michalowski at investinglive.com.
