The broader S&P and NASDAQ indices are trading higher to start the new week, with the S&P up 0.36% and the NASDAQ up 0.50%. The early gains are helping both indices move back above their 100-hour moving averages, which were broken late Thursday ahead of the Good Friday holiday. Those levels—6563.31 for the S&P and 21804.13 for the NASDAQ—now serve as key short-term support. Holding above them keeps buyers in control near-term and gives the rally a stronger footing.
That said, while the bounce is constructive, buyers still have work to do to shift the broader bias. The sellers continue to hold the upper hand unless the market can reclaim more meaningful resistance levels.
For the S&P, the next major target is the 200-day moving average at 6647.67, a level the index has remained below since March 18. A move back above that level—especially on a closing basis—would be an important technical win for buyers and could open the door toward the 200-hour moving average near 6686.06 (and falling).
For the NASDAQ, the immediate upside target is the 200-hour moving average at 22221.47, which has capped rallies since early February. A break above that level would shift momentum more firmly in favor of buyers and bring the 50% retracement of the move down from the January 28 high at 22339.26 into focus. Just above that sits the 200-day moving average at 22351.80, another key level the index has traded below since March 18.
Bottom line: The move higher is encouraging, but holding above the 100-hour MAs is just step one. Buyers need to reclaim the 200-day and 200-hour levels to take back control, while failure to do so keeps the broader bias tilted in favor of sellers.
