The Nasdaq index has been attempting to push higher, but consistent selling pressure has emerged near a key technical level.
Looking at the hourly chart, both yesterday’s high and today’s high stalled near the falling 200-hour moving average, where sellers stepped in. That level also aligns with a topside channel trendline, reinforcing the area as a strong zone of resistance. The inability to break above that confluence has given traders a clear level to lean against, and sellers have taken advantage of that resistance on each upside attempt.
In today’s session, the index rotated lower and has now broken below the 100-hour moving average, which had been acting as near-term support. That level comes in at 22702.29, and the break below shifts the short-term bias back to the downside. The low price so far has reached 22624.59, with the index currently trading at 22671, down 26.2 points (-0.11%).
If sellers can keep the price below the 100-hour moving average, the focus shifts toward a series of progressively lower swing targets formed since early February:
Below those levels, traders will start looking toward the November 21 low at 21898.29, which sits just beneath the 38.2% retracement of the rally from the May 23, 2025 low (21949.44).
This sequence outlines a clear roadmap for sellers if downside momentum continues.
For now, the key technical battle centers on the 100-hour moving average at 22702. Staying below that level keeps sellers in control, while the 200-hour moving average near 22870 remains the major resistance level that buyers would need to reclaim to shift the bias back higher.
