The S&P 500 and Nasdaq Composite each swung between gains and losses before settling near the middle of their daily ranges. Neither index has broken decisively out of its key technical analysis zone, leaving traders watching for the next move with follow-through momentum.
S&P 500 pulls back into its moving-average band
The S&P 500 opened above both its 100-hour and 200-hour moving averages and pushed to a session high of 7,699.60. Selling then dragged the index below both averages to a session low of 7,653.55.
That breakdown handed sellers an opening, but they could not extend it. A rebound carried the index back above the 100-hour average, and the S&P now trades at 7,673.14. That puts it between the 100-hour average at 7,666.90 and the 200-hour average at 7,676.27. The index is currently down around 11 points on the session.
A sustained move above 7,676.27 would put the near-term bias back in buyers' favor. A drop back below 7,666.90 would restore the more bearish tone sellers were building earlier in the session.
Nasdaq holds inside its swing area
The Nasdaq Composite swung as high as 99.34 points above its prior close and as low as 102.43 points below it before settling. It now sits near 26,813.72, down about 9.20 points on the day.
That level sits inside the 26,676–26,856 swing area, closer to its upper boundary. A sustained break above 26,856 would strengthen the case for buyers, while a push through 26,676 that holds would establish a clearer bearish bias.
Waiting for the next shove
A break beyond either boundary needs to hold and extend with momentum to count as a genuine shift. A quick reversal back inside the range, on the other hand, would suggest the move has already failed.
Source: Investinglive
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