S&P and Nasdaq indices show new life. What has the moves higher today done to the technicals
Per Greg Michalowski's intraday read published on TradingView (sourced from investinglive.com), the S&P 500 and Nasdaq Composite staged a coordinated technical reversal off defined support zones…
Garrett Croft·updated August 03, 2026
Per Greg Michalowski's intraday read published on TradingView (sourced from investinglive.com), the S&P 500 and Nasdaq Composite staged a coordinated technical reversal off defined support zones, with the Nasdaq producing a failed breakdown above its rising 100-day moving average. Short-term hourly resistance remains unreclaimed on both indices. The session reset near-term risk without flipping structural control to buyers.
S&P 500: Support Defended, Hourly MAs Pending
Yesterday's decline placed the index at the upper boundary of a consolidated support band between 7300 and 7321. Buyers absorbed the selling pressure into the close, producing a stabilization print at the zone's edge. Today's session opened with a gap-up, widening the buffer against immediate downside continuation.
Two hourly thresholds gate any bullish reclassification:
| Level | Value | Role |
|---|---|---|
| 200-hour MA | 7467.70 | Resistance |
| 100-hour MA | 7476.90 | Resistance |
A sustained close above both measures shifts intraday control back to buyers. Until that condition is met, the tape registers as a defended support event rather than a recovered trend. The index retains room to retest the zone without invalidating the current structure.
Nasdaq: Failed Breakdown Above the 100-Day MA
The Nasdaq produced the higher-signal reversal of the session. Yesterday's close settled below the prior support zone at 24,913–25,109 and beneath the rising 100-day moving average at 24,797, handing sellers the structural advantage into the close.
Today's session reversed that setup:
- Session low: 24,813
- 100-day MA (current): 24,798
- Failed break margin: 15 points
- Session high: 25,112.21
- Former support ceiling: 25,109.39
- Index holding above: 24,913
The 15-point margin between the session low and the 100-day MA constitutes a failed breakdown on the daily timeframe — a recognized continuation pattern when it forms at a rising moving average.
Hourly Resistance Stack (Nasdaq)
Above 25,109, the next measured targets on the hourly chart are:
| Level | Value |
|---|---|
| 100-hour MA | 25,531 |
| 200-hour MA | 25,709 |
Reclaiming both closes would shift near-term bias firmly to buyers. Failure to advance beyond 25,109 returns the index to the 24,913–25,109 range, where the current consolidation battle is centered.
Parameter Checklist
Track the following levels for execution:
- S&P 500 support: 7300, 7321
- S&P 500 resistance: 7467.70 (H200), 7476.90 (H100)
- Nasdaq support: 24,798 (D100), 24,913 (range low)
- Nasdaq resistance: 25,109 (range high), 25,531 (H100), 25,709 (H200)
- Buyer control trigger: hourly close above H100 and H200 on either index
- Seller re-control trigger: Nasdaq daily close below 24,798; S&P close below 7300
- Invalidation of today's reversal: loss of session low on rising volume
- Timeframe reference: hourly for MA triggers; daily for structural bias
Verdict: defensive bid confirmed, control unconfirmed. Until hourly MAs are reclaimed on both indices, treat the session as range defense, not trend resumption.