The broader S&P and NASDAQ indices are extending higher today, building on yesterday’s upside momentum that followed the gap open off Friday’s cycle low into the close. The recovery rally has now pushed both indices into a key technical crossroads—testing their respective falling 100-hour moving averages. The bulls and bears are fighting at the key technical levels.
For the S&P 500, the 100-hour moving average comes in at 6576.41, closely aligned with the 38.2% retracement of the move down from the January 28 all-time high. The price briefly pushed above both levels, reaching a high of 6585.18, but has since rotated back lower and is currently trading just below at 6574.89. That area now stands as a critical near-term barometer—stay below, and sellers can lean; move back above, and buyers regain more control.
For the NASDAQ, the 100-hour moving average is at 21862.70, with the 38.2% retracement higher at 21950.09. The index reached a high of 21866.29, testing the moving average, but like the S&P, has pulled back and is trading below at 21837. The inability—so far—to extend above these resistance levels keeps the upside momentum in check.
Bottom line: Both indices have rebounded sharply, but are now stalling against key technical resistance. The 100-hour moving averages are the battleground. A sustained move above would shift the bias more firmly in favor of the bulls, while holding below keeps the door open for sellers to reassert control.
This article was written by Greg Michalowski at investinglive.com.
