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Year-to-date gains above 12% are the floor that still holds for both the Nasdaq and S&P 500 after Friday's close, even as each index recorded its first weekly decline in four weeks.
Below the headline, both benchmarks undercut the intraday low of their Aug. The Nasdaq also closed below its 21-day exponential moving average. The follow-through day matters here.
It is a technical signal used to confirm a new rally attempt; trading below its low is read by active participants as a degradation of that confirmation. Both indexes crossed that line Friday.
The Nasdaq's additional close under the 21-day exponential moving average added a secondary technical breach on top of the follow-through day failure.
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