US stocks rebound even as Nvidia slides 4%. What next technically

Nvidia shares are down about 4% and trading within $5 of their 2026 low, but the broader US stock indices are pushing higher. The technical question now is which indices can hold above the levels they’ve reclaimed and which still have work to do.S&P 500 buyers clear 7,507.77The S&P 500 has moved above the swing level near 7,507.77. That gives buyers a short-term technical edge and a close level to lean against. As long as the index can stay above it, the next target is the swing area between 7,573 and 7,617, with the 100-day moving average just above at 7,619.69.Getting and staying above both the swing area and the 100-day moving average would strengthen the bullish bias. A move back below 7,507.77 would take some of the momentum out of today’s break.Nasdaq Composite reclaims its 200-day moving averageThe Nasdaq Composite is back above 25,036.33, the 38.2% retracement of the move up from the 2026 low to the 2026 high. It has also pushed above its 200-day moving average at 25,106.70. That moving average is the first barometer for buyers. Hold above it and the rebound has a firmer footing. Fall back below it and 25,036.33 comes back into focus.Recall that last week’s decline found buyers in the 24,206–24,425 area, where the 50% midpoint and swing support came into play. That was where buyers first stepped in. The test now is whether they can defend the levels they’ve taken back.Nasdaq 100 leads the rebound with its 200-day still overheadThe Nasdaq 100 fell below both its July low at 27,176.03 and the 50% midpoint of the 2026 range at 27,103.07 last week. Today, it’s the best performer of the three indices, up about 2.75% and reaching a high of 27,774.88 so far.The first hurdle is the 200-day moving average at 27,994.59. If buyers can get and stay above it, the next target is 28,108.03, the broken 38.2% retracement of the 2026 trading range. Clearing and holding above both levels would give the rebound a more bullish technical bias.The trading lessonThe Nasdaq 100 has the biggest percentage gain of the three, while the Nasdaq Composite has already reclaimed its 200-day moving average. Those are two different measures of strength. The percentage gain tells you how far an index has bounced. The levels it reclaims and holds tell you where buyers can define their risk and what they need to clear next. This article was written by Greg Michalowski at investinglive.com.