The major US stock indices traded lower on Friday as inflation concerns continued to weigh on market sentiment, with technology shares leading the declines. The Nasdaq Composite fell 1.15%, the Nasdaq 100 dropped 1.30%, and the S&P 500 slipped 0.42%.

According to a ForexLive analysis published on InvestingLive, the declines do not tell the whole story. Viewed through a technical lens, each benchmark is tracing a different roadmap, raising distinct questions about where the risk lies, what would hand buyers more control, and what would open the door to further selling. Moving averages — which smooth price data over a set number of bars — anchor that framework, with hourly gauges such as the 100- and 200-hour tracking short-term momentum and daily measures like the 100-day marking the broader trend.

S&P 500: waiting for the next shove

The S&P 500 remains pinned between its 100-hour moving average at 7746.68 and its 200-hour moving average at 7706.33. With the index contained within that range, the shorter-term bias is neutral, and buyers and sellers are battling it out while waiting for the next shove.

A move above — and sustained trading above — 7746.68 would tilt the bias more toward the upside. A break below 7706.33, by contrast, would give sellers more control.

Nasdaq Composite: sellers hold the advantage, but daily support remains

The Nasdaq Composite is trading comfortably below its 200-hour moving average at 26827.18 and its 100-hour moving average at 27116.00, keeping the shorter-term technical advantage with sellers. According to the analysis, buyers would need to reclaim those levels — starting with the lower 200-hour moving average — to begin improving the technical picture.

Even so, the index remains above its rising 100-day moving average at 26288.75, which the analysis identifies as a key downside risk level. Holding above it allows buyers to retain a foothold; a break below, followed by continued trading beneath it, opens the door for further selling momentum. That leaves the index split across timeframes: short-term momentum sits with sellers, while the rising 100-day average is the level buyers are still defending.

Nasdaq 100: sellers remain firmly in control

The Nasdaq 100 has moved away from its hourly moving averages and is also breaking below its 100-day moving average at 29624.02. The day's low of 29452.10 has already taken out yesterday's low — and the previous weekly low — at 29554, meaning sellers have extended the downside. The question now is whether they can sustain that break. It is the only benchmark of the three trading below both its hourly averages and its 100-day moving average.

Staying below 29554 keeps pressure on the index. Moving back above that level would ease some of the immediate pressure, but buyers would still need to reclaim the 100-day moving average at 29624.02 to begin repairing the technical damage.

The lesson: let the levels define the bias

A lower market does not automatically mean every index carries the same bearish bias. The S&P 500 is still trading between its hourly moving averages. The Nasdaq Composite sits below those averages but holds above its daily support. The Nasdaq 100 is breaking below that daily support as well.

Those differences matter. The technical levels help traders define risk, judge which side has control, and identify what would need to change to alter the picture. Friday's session was a case in point: three lower closes, three different stages of technical positioning.

The accompanying video analysis takes a closer look at the key technical levels, the risks, and the targets, and outlines the roadmap for traders.