U.S. stocks opened lower but have since pared some of their losses in the first 30 minutes of trading. The Nasdaq led the decline, dropping as much as 228.37 points before rebounding to a session high of 15,569.38 (down -74.47 points). This bounce brought the index within two points of the broken 200-hour moving average at 15,571.86.

The 200-hour moving average, along with the higher 100-hour moving average at 15,669, now serves as key technical levels for both buyers and sellers. Staying below these levels keeps sellers in control in the short term, as the recent test of resistance held. However, a break above the 200-hour moving average would indicate buyers are chipping away at that control, with a move above the 100-hour moving average shifting momentum back in their favor.

For now, sellers have stepped in at a critical level, maintaining short-term technical control of the market.