Broader stock indices are sharply lower. What are the key levels in the Nasdaq/S&P & WHY.

The major US indices are sharply lower but bouncing higher in early US trading. What levels are key on the correction? and WHY technically. For the NASDAQ index watch16442 – 16538. Before that watch 16330 which is the broken 38.2% retracement of the move-up from the October 2023 low.

For the S&P index, it gapped below its 100-day moving average at 5307.42. That is topside resistance.

Other levels are at 5192 and 5264. Those levels are exits on a more bullish path.