US indices climb despite Nvidia's 4% slide: technical outlook

Shares of Nvidia have dropped roughly 4% and are now within $5 of their 2026 low, even as major US stock indexes move higher. The technical focus now centres on which benchmarks can maintain the levels they have regained and which still face further work.

S&P 500 buyers clear 7,507.77

The S&P 500 has broken above the swing level in the region of 7,507.77. This gives buyers a short-term technical advantage and a nearby reference point to defend. As long as the index holds above that level, the next upside area is the swing zone from 7,573 to 7,617, with the 100-day moving average sitting just above at 7,619.69.

A sustained push above both the swing area and the 100-day moving average would reinforce the bullish case. A drop back under 7,507.77 would reduce the momentum from today's breakout.

Nasdaq Composite reclaims its 200-day moving average

The Nasdaq Composite has climbed back above 25,036.33, the 38.2% Fibonacci retracement of the rally from the 2026 trough to the 2026 peak. It has also risen above its 200-day moving average at 25,106.70. That moving average serves as the initial test for buyers. Staying above it gives the recovery a stronger base. A decline back beneath it would bring 25,036.33 back into view.

Last week's selloff found support in the 24,206–24,425 zone, where the 50% midpoint and swing support were located. That was the level where buyers initially stepped in. The current challenge is whether they can protect the ground they have since regained.

Nasdaq 100 leads the rebound with its 200-day still overhead

The Nasdaq 100 slipped below both its July low of 27,176.03 and the 50% midpoint of the 2026 range at 27,103.07 during the previous week. On the day, it is the strongest of the three benchmarks, advancing about 2.75% and hitting a session high of 27,774.88.

The first resistance is the 200-day moving average at 27,994.59. If buyers can push above it and hold, the next objective is 28,108.03, the previously broken 38.2% retracement of the 2026 trading range. A clear break and hold above both would give the rally a more constructive technical outlook.

The trading lesson

The Nasdaq 100 shows the largest percentage gain among the three indexes, while the Nasdaq Composite has already recaptured its 200-day moving average. These are two distinct measures of strength. The percentage gain reflects how far an index has bounced. The levels an index reclaims and defends show where traders can define their risk and what must be cleared next.