The NASDAQ index saw sharp selling in the first hour of trading today, dropping nearly 500 points to a session low of 16,959.53. At the lows, the index was nearing key support from the 200-hour moving average (currently at 16,940) and the rising 50-hour moving average (around 16,959). Buyers stepped in at those levels, halting the decline and sparking a rebound.

The recovery has since pushed the index above a key swing level at 17,238.24, shifting the focus back to the 50% retracement of the move down from the December 2024 all-time high. That midpoint stands at 17,494.31. Yesterday, the index briefly moved above this level but failed to hold the gains into the close.

Near-term risk now sits at 17,238.24. Stronger support remains at the 50-hour and 200-hour moving averages. A break below both would shift control back to sellers and undermine the bullish momentum.

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