After emerging from a correction earlier this year, the Nasdaq Composite is again trading within reach of its record levels as recent buying interest steadies the technology-heavy benchmark. The index remains less than 3% below its all-time closing high, suggesting momentum is still favoring bulls despite a pullback on Tuesday.
Highlights
- Nasdaq Composite closed Monday at 26,683.94, up over 3% in its strongest session since March 31 before slipping just over 1% on Tuesday to 26,376.34.
- The index is about 2.7% below its all-time closing high from June 2, with the 50-day moving average near 25,400 acting as strong technical support.
- Channel resistance just below 28,000 marks the next bullish test, while a close below the 50-day moving average would indicate significant trend weakness.
Technical levels point to further upside
As reported by Reuters, the Nasdaq Composite closes Monday at 26,683.94 after rising more than 3% in its strongest one-day performance since March 31, then slips just over 1% on Tuesday to 26,376.34, according to LSEG data.That March 31 session marks a turning point for the index after a correction that drags it lower from October through March. The recovery since then is swift enough to leave the Nasdaq about 2.7% below its all-time closing high set on June 2, and around 3% below its June 1 intraday peak.
The 50-day moving average near 25,400 continues to act as a dependable floor during the recent pullback, with buyers repeatedly stepping in around that level. In technical terms, that repeated defense of support is generally viewed as a bullish signal.
Resistance near 28,000 frames next market test
If the index breaks to fresh highs, the next challenge for bulls is channel resistance just below 28,000, a ceiling formed by the market's recent trading pattern.On the downside, the 20-day moving average near 26,350 offers the first layer of support, while the 50-day average around 25,400 remains the more important backstop. A close below that 50-day line would signal a more meaningful deterioration in trend, but for now momentum appears to remain on the bulls' side.
Our earlier article on Microsoft’s AI-driven outlook explained that despite a solid earnings report and continued Strong Buy consensus, the stock faced near-term pressure from surging AI-related capex, monetization questions, and headline risks around cloud and gaming. We also highlighted key technical areas, framing the pullback as a correction within a broader uptrend, with support around 380–385 and early stabilization signals above 405–410—useful context as investors gauge whether risk appetite can keep lifting major tech benchmarks.
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