The S&P 500 and NASDAQ initially buckled under the weight of escalating tensions in Iran, but the “first move” once again proved to be an overreaction. After a steep premarket slide, buyers stepped in during early U.S. trading, sparking a sharp recovery and stabilizing risk sentiment.
The NASDAQ’s intraday journey was particularly telling: after plunging over 300 points premarket, it has clawed back the vast majority of those losses to sit down just 25 points.
The Support Test
Technical traders found their “green light” today as both indices dipped into established support zones before finding an aggressive bid.
The “Tug-of-War”: Resistance Remains
While the rebound is impressive, the bulls aren’t out of the woods yet. Both indices are currently trapped in a “technical no-man’s-land”—trading above support but unable to reclaim short-term momentum indicators.
The 100-hour Moving Average (MA) remains the primary ceiling:
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S&P 500: Currently at 6890.39 (Session high reached 6868.53).
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NASDAQ: Currently at 22830.60 (Session high reached 22667.13).
The Takeaway: As long as price action remains below these 100-hour averages, the short-term bias is neutral, not bullish
Market Resilience: Indices Bounce Off Key Technical Floors
