Live Markets: Nasdaq pulls back, but bulls still have breadth on their side

Western Digital

06/08/2026 14:01

US equity index futures mixed; S&P 500 up ~0.04%
Initial jobless claims 199k vs 202k estimate
Euro STOXX 600 index up ~0.4%
Dollar, gold up slightly; U.S. crude up >1%; bitcoin slips
US 10-year Treasury yield edges up to ~4.64%
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NASDAQ PULLS BACK, BUT BULLS STILL HAVE BREADTH ON THEIR SIDE
The Nasdaq Composite's .IXIC four-day winning streak ended Wednesday, and with it, the latest leg of the rebound lost momentum just below a key technical hurdle.
The index climbed as high as 26,739 intraday, within striking distance of its mid-June peak at 26,788.62, before sellers stepped in. The Nasdaq finished down 0.83% at 26,363.44, leaving it about 2.7% below its June 2 record close of 27,093.90 and roughly 3% beneath its June 1 all-time intraday high of 27,190.21.
While the pullback may look disappointing on the surface, market internals tell a more encouraging story for bulls. The Nasdaq New High/New Low index improved again, rising to 44%, a sign that participation continues to broaden beneath the surface even as the benchmark itself struggles for traction.
Futures are pointing to a softer open Thursday, with E-Mini Nasdaq 100 futures NQcv1 down about 0.6%. Chip stocks SOXQ.O are weighing on sentiment after upbeat outlooks from SanDisk SNDK.O and Western Digital WDC.O failed to inspire investors.
Still, the improving breadth backdrop suggests any near-term weakness could remain contained. For technicians, one level to watch is Tuesday's gap, which would not be filled unless the Nasdaq falls to 25,967.44. That level is just above the 50-day moving average, which ended Wednesday at 25,947. As long as the index holds above this widely followed trend gauge on a closing basis, bulls are likely to view dips as buying opportunities and expect the recovery to resume.
If the Composite can clear 26,788.62, attention would shift back toward record territory and a weekly Gann Line near 27,750. That resistance level proved difficult to overcome during the rallies in May and June.
On the flip side, a decisive close below the 50-day moving average would suggest selling pressure is building again. Below that, the rising 100-day moving average, now just under 25,000, could become the next major support zone.
     
(Terence Gabriel)
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NasdaqComposite08062026 https://fingfx.thomsonreuters.com/gfx/buzz/akverydyapr/image-1786011387170.png
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)