Nasdaq Index and S&P500: All Three Major US Indices Fall Below 50-Day Moving Averages

• The S&P 500 was rejected at the 61.8% Fibonacci level of 6915.65 and fell below its 50-day MA at 6986.68, with key support now at the 6845-6829 retracement zone.
• The Nasdaq failed to break above the major 50% level at 22959.14 and could test support at 22602-22521, with the 200-day MA at 21903.72 becoming relevant if selling intensifies.
• The Dow crossed below its 50-day MA at 49027.98 for the first time since November 25, ending a rally that produced record highs before peaking at 50512.79 on February 10.

Market Summary: US Major Indices Break Below Key Technical Levels

Key Developments

All three major US stock indices fell below their 50-day moving averages on February 23, 2026, marking a significant technical deterioration. The Dow Jones Industrial Average crossed below this key indicator for the first time since November 25, ending a rally that produced multiple record highs before topping at 50,512.79 on February 10.

Index-Specific Performance

S&P 500: Declined after rejection at the 61.8% Fibonacci level (6,915.65), breaking through the 50-day MA at 6,986.68 and 50% level at 6,888.89. A new short-term trading range of 6,775.50 to 6,915.86 has formed, with critical support at 6,845-6,829. Bulls need to reclaim the 50-day MA to target 6,993-7,002.

Nasdaq Composite: Rejected at the major 50% retracement level (22,959.14). Key support lies in the 22,602-22,521 zone. Downside risk extends to the long-term retracement zone of 22,290-21,882, near the 200-day MA at 21,903.72.

Dow Jones: Now trades below its 50-day MA at 49,027.98, with potential weakness toward the 48,121-47,556 support zone.

Market Implications

The synchronized weakness across all three indices suggests broad-based selling pressure rather than sector rotation, potentially indicating capital reallocation from equities to cash. This technical breakdown raises concerns about near-term market direction and increases downside risk across major equity benchmarks.