Both the NASDAQ and S&P 500 are breaking lower, hitting new session lows and crossing below their 100-day moving averages (MA) for the first time since May.
S&P 500: The index is currently trading at 6,526.66 (down 0.17%), having slipped below its 100-day MA of 6,547.38.
NASDAQ: The index is under significant pressure, down 166 points (-0.75%) to trade at 21,915, well below its 100-day MA of 22,054
Technical Outlook: To shift momentum back in favor of the buyers, price action must reclaim the 100-day moving average. As long as prices remain below this key threshold, the market bias remains to the downside.
