The NASDAQ index pushed to a high on Monday but failed to extend above its falling 100-hour moving average, a rejection that triggered a sharp move lower. The decline reached Tuesday’s weekly low near 22,193, aligning with the top of a key swing support area.

A subsequent rebound carried the index back above the 100-hour moving average, briefly increasing the bullish bias. However, momentum stalled at the 200-hour moving average, where buyers turned into sellers, leading to another sharp decline yesterday. Today, downside pressure continues, with the index trading lower by roughly 0.8%.

What comes next?

For buyers to regain control, the price must move back above and hold the 100-hour moving average near 22,851. Even then, upside momentum would still need confirmation through a break above the falling 200-hour moving average at 23,117, which remains the key technical pivot.

On the downside, initial support comes in near 22,461, the low from last week. Below that level lies a broader swing support zone between 21,949 and 22,461. The lower boundary of this area also aligns with the 38.2% retracement of the rally from the May 23, 2025 low, increasing its technical importance.

Sellers hold the near-term advantage, but additional downside progress is still needed to strengthen the bearish bias. For now, the 200-hour moving average remains the key pivot, separating a more bearish outlook from a potential return to bullish momentum.