The Nasdaq index is trading at new session lows, down around 200 points or -1.14% at 17,183.96. Earlier in the day, the index reached a high of 17,467.35, coming within about 27 points of the key 50% midpoint of the move from the December 16 all-time high to the April 7 low. That midpoint level sits at 17,494.31. A sustained move above the midpoint would be needed to strengthen bullish momentum, but buyers failed to break through on their first attempt today.

Despite the pullback, buyers are still in play and arguably maintain a technical advantage after last Thursday’s move above the 200-hour moving average, currently at 16,957.54. That was the first break above the 200-hour MA since February 21, when the index fell below it at 19,641.07 — a move that ultimately led to a near 25% decline. Holding above the 200-hour MA remains an important line in the sand for buyers. A move below would shift the buyers back in favor of the sellers.