Going back in time, the NASDAQ index has been above its 200 hour moving average going back to April 24. Today, the price decline dipped below that moving average (at 20598) to a level of 20573 before bouncing back to the upside. The index is currently at 20692. Watch that moving average for bias clues. A break below would be more bearish.
For the S&P 500 index, it fell below its 200-hour moving average at 6248.77, and remains below it at 6242.81. The low price reached 6214.43. The current price is trading at 6245 just below that level.
We are at a key crossroad for the broader indices. Watch 20598 in the NASDAQ index and 6248.79 in the S&P index. Breaking and staying below would be bearish from a short-term technical perspective.
