The NASDAQ and S&P indices continue to press lower, with both now breaking below last Friday’s lows — a shift that tilts the bias more firmly to the downside.
For the S&P index, the break below 6477.16 is a key technical development. Staying below that level keeps sellers in control and opens the door for a move toward the next downside target near 6346.89. A break below that level would have traders looking toward the August swing low at 6212.69, followed by the 38.2% retracement at 6174. A move to that retracement level would represent roughly an -11.76% decline from the late January all-time high.
For the NASDAQ index, the price has moved below 21522.75, also breaking last Friday’s low. Holding below that level keeps the bearish bias intact and shifts focus to the next target — a swing area between 20931 and 21033. Below that zone, the next key level comes in at the 38.2% retracement of the move up from the April 2025 low at 20491.80. A move to that level would imply a decline of around -14% from the January 2026 high.
The key now is simple:
Stay below the broken support levels, and sellers remain in control with clear downside targets. Move back above, and the break starts to lose momentum.
In the video above, I outline these levels in more detail and explain why they matter — they define the bias, the risk, and the targets.
