Yesterday, both the NASDAQ and S&P 500 indices tested their 200-hour moving averages but encountered selling pressure near those levels, leading to a late-day pullback. Today, the tone has shifted more positive, with both indices rebounding.
The NASDAQ index has broken back above its 200-hour moving average (currently at 16,987.04), reaching a new session high of 17,046.24. This move reclaims a key technical level and puts buyers back in control in the short term. The next upside target comes in at 17,738.74—near the swing lows from March 11 and 13. Beyond that, the 50% retracement of the decline from December’s all-time high sits at 17,494.31.
NASDAQ technicals
The S&P 500 is also advancing, currently up 78 points or 1.45% at 5,453.05, just below its 200-hour moving average at 5,462.37. A sustained move above this level would shift the near-term bias more clearly in favor of buyers. If that break holds, the next target is the 50% retracement of the drop from February’s 2025 high, which comes in at 5,491.24—a level that, if cleared, could open the door for further upside momentum.
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