U.S. equities retreat after failing to breach key technical resistance, with the Nasdaq falling 1.32% below its 100-hour MA.
The Nasdaq reversed lower after testing its 100-hour moving average at 25,969.10, dropping 346 points or 1.32% to 25,776. Sellers stepped in at the resistance level, reinforcing a bearish technical outlook as the index targets Friday’s swing low near 25,650.
Yesterday’s rally stalled at the 200-hour moving average, keeping downward pressure intact. The broader market followed, with the Dow Jones Industrial Average down 220 points or 0.43% at 52,840, while the S&P 500 declined 46 points or 0.61% to 7,492.
The failure to hold above key moving averages signals persistent selling interest, with traders eyeing further downside if support levels break.