Both the S&P 500 and the NASDAQ are rebounding today after yesterday’s declines of -1.04% and -1.13%, respectively. However, the recovery rally is already running into technical resistance, keeping the broader bias in question.
For the NASDAQ, the 100-hour moving average — currently near 22,848 — is acting as a near-term ceiling. Price briefly pushed above the falling moving average earlier in the session, but the breakout attempt quickly failed. The index has since rotated back below that level, suggesting sellers are defending the dynamic resistance zone. A failed break above a declining 100-hour MA often signals that upside momentum remains fragile.
The S&P 500 is showing a similar technical pattern. The index advanced toward its 100-hour moving average at 6,885.86, but the rally stalled just ahead of that level. The inability to even reach — let alone break — the moving average reinforces the idea that sellers remain active on corrective bounces.
Technically, the 100-hour moving average is the line in the sand for both indices.
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Move above and hold → shifts short-term bias back toward the buyers and opens the door for further upside extension.
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Failure to break and sustain above → keeps the rebound classified as a corrective rally into resistance, with sellers maintaining near-term control.
For now, the bounce looks more like a test of resistance rather than the start of a sustained trend reversal
