Both the S&P 500 and Nasdaq indices came under modest selling pressure today, but buyers stepped in near key technical support, helping to stabilize the declines.

S&P 500 Index

• The index dipped to an intraday low of 5586.04, just above the 50-hour moving average at 5583.09

• The MA held as support, keeping the short-term bullish bias intact.

• A break below this level would expose the 50% retracement of the March-April decline near 5491.24, and could invite further selling momentum.

Nasdaq Composite Index

• The Nasdaq also softened intraday, reaching a session low of 17,592.

• However, the 50-hour moving average at 17,573 provided a technical floor, as buyers leaned against it.

• A move below the MA would be more bearish and could lead to a deeper pullback, with the next support 50% midpoint of the move down from the mid-December high. Pamela comes in at 17494131

Despite today's pullback, the bounce off these key hourly moving averages shows that dip buyers remain active. The 50-hour MAs now serve as key short-term risk levels for both indices. A sustained break below would shift near-term momentum more clearly to the downside.