The three major US stock indices traded below their 100-day moving averages during the day. The Dow and S&P managed to close above this level, while the NASDAQ finished below it, marking the first instance since September 10th.

The closing levels were as follows: the Dow industrial average rose by 159.95 points, or 0.37%, to 43621.17; the S&P index fell by 28.0 points, or 0.47%, to 5955.25; NASDAQ dropped by 260.54 points, or 1.35%, to 19026.39; and the Russell 2000 declined by 8.18 points, or 0.38%, to 2170.08, remaining below its 200-day moving average.

Nvidia’s shares decreased for the third day, falling by $3.65, or 2.80%, to 126.63, ahead of its earnings release. Broadcom also declined by $5.39, or 2.59%, closing at $202.54 after testing its 100-day moving average.

Meta’s stock, having risen for 20 consecutive days, has now declined for six straight sessions.

These figures provide a window into current market behaviour, and there is a lot to take in. The movement of major indices below key moving averages suggests shifting sentiment. While two of them climbed back above this support level by the close, the technology-heavy NASDAQ failed to do so. That distinction matters. It isn’t just about numbers on a chart—this signals hesitation among buyers. For the first time since early September, NASDAQ wrapped up trading below this measure, hinting at potential uncertainty among investors focused on tech stocks.

As for how individual stocks fared, Nvidia’s continued decline stands out. A third consecutive session in negative territory just before its earnings report suggests caution from market participants. This company has been a focal point for semiconductor investors, and the selling could be traders adjusting ahead of results. The drop in Broadcom follows close behind. Testing its 100-day moving average and then sliding further suggests that support levels aren’t holding up as firmly as they did in recent months.

Meanwhile, Meta’s shift should not go unnoticed. After an extraordinary 20-day climb, six straight declines indicate a change in positioning. A trend like that doesn’t reverse without reason.

For those watching trends in the coming weeks, these moves provide more than just numbers—they serve as markers of sentiment shifts. The fact that smaller-cap stocks, represented by the Russell 2000, remain under a longer-term average suggests that risk appetite for these shares might not be as strong as it was before. That would align with the broader pullback in growth-oriented names.

Momentum-driven traders may find fewer favourable setups unless prices stabilise or key levels are reclaimed. Those focused on technical indicators would do well to monitor whether these declines extend or reverse. With multiple stocks and indices now at or approaching levels that held earlier in the year, price reactions in the sessions ahead will be revealing.