The NASDAQ index pushed to a fresh all-time intraday high at 21,885.62, edging past Friday’s peak at 21,878.81. However, momentum on the break was limited, and the index quickly slipped back below both that prior high and the 21,867 area. Even so, the NASDAQ remains up about 166 points, or 0.77%, on the session. For now, traders may view the pullback as a potential failed break, with some shifting their focus from buying dips to probing the short side.
That said, the bigger test for sellers lies with the moving averages. On the hourly chart, the index fell below its 200-hour moving average (green line) last Tuesday during a downside gap, but buyers quickly reclaimed the level the very next day, frustrating bearish momentum and fueling further gains. Similar failed breakdowns occurred earlier in August: from August 20–22 and again on August 1 (after the U.S. jobs report), where price slipped below the 200-hour average only to rebound swiftly.
The message is clear: unless sellers can not only break below the key moving averages but also sustain trading beneath them, bearish efforts will likely fall short. Absent that shift, buyers continue to hold the upper hand, with the broader trend still tilted to the upside.
