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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.
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The NASDAQ’s recent bounce is a double-edged sword for traders: it’s close to a key resistance level. With the index hitting an intraday high of 22,948.87, it’s just shy of the 100-hour moving average at 22,961.75, which has historically attracted selling pressure. This proximity to resistance could trigger profit-taking or short positions, especially if sellers step in again. Traders should keep an eye on volume and momentum indicators as the index approaches this level. If it breaks above, we might see a shift in sentiment, but if it fails, expect a pullback that could impact correlated assets like tech stocks and cryptocurrencies, including ADA, which is currently at $0.28. The broader market context suggests that volatility could ramp up, especially if economic indicators shift in the coming days. Watch for the NASDAQ to either break through or retreat from that 100-hour moving average; this could set the tone for the next trading session and influence ADA’s performance as well.
📮 Takeaway
Monitor the NASDAQ’s approach to the 100-hour moving average at 22,961.75; a rejection here could signal a broader market pullback impacting ADA at $0.28.
