The NASDAQ index has rebounded in the wake of the Supreme Court decision, pushing to an intraday high of 22,948.87. That rally brought the index to within roughly 13–14 points of the falling 100-hour moving average (currently at 22,961.75) — a level that has attracted early selling interest. Sellers leaned against the moving average on the initial test, keeping the broader near-term technical bias in check.
Stepping back, the index has remained below its 100-day moving average since breaking beneath it on February 3. Subsequent recovery attempts on February 9 and again on February 11 saw price action move closer to resistance, but both rallies ultimately stalled before regaining that key level. As a result, today’s test of the 100-hour MA represents another important battleground between buyers looking to extend the rebound and sellers aiming to maintain control of the recent downtrend.
On the downside, Tuesday’s low of 22,256.76 found support near prior lows dating back to late September. Holding that support level helped stabilize sentiment and gave buyers a platform for the current bounce. However, from a technical perspective, the burden remains on the bulls. A sustained move above the 100-hour moving average would be the first step in shifting short-term momentum. Beyond that, a break above the 200-hour moving average would be needed to more convincingly tilt control back in favor of buyers, at least in the near term.
