The NASDAQ index closed below its 200-day moving average for the second time in the last four trading days, reinforcing a growing bearish tilt in the broader market. Recall that on Friday, the index dipped below that key level into the weekly close but managed to rebound early in the new week. However, yesterday’s -1.46% decline pushed the price back below the 200-day MA, currently near 22223, with the index closing closer to 22152. Futures are not offering much relief, pointing to a weaker open of roughly -214 points, suggesting continued downside pressure.The S&P 500 is now facing a similar test. The index closed yesterday at 6624.70, just modestly above its 200-day moving average at 6615.70. However, with futures indicating an opening decline of around -56 points, the S&P is poised to move back below that key technical level as well.This setup is notable because the last time both the NASDAQ and S&P traded and closed below their 200-day moving averages was back in May 2025. That dynamic came after a sharp 20% plus decline in the broader indices. The 200-day MA is widely viewed as a long-term trend gauge, and holding below it tends to shift the bias more firmly in favor of sellers, while also increasing downside risk as momentum traders and systematic strategies adjust positioning.Looking ahead, downside targets begin to come into focus if the weakness persists:For the NASDAQ, the next key level is the November 21 low at 21898.29. A move toward and below that area would confirm a deeper corrective phase.For the S&P 500, the comparable downside target sits at the November low of 6521.92, also from November 21. Moving below it would also increase the bearish bias from a technical perspective.Bottom line: Both indices are at a pivotal technical juncture. Sustained trading below the 200-day moving averages would signal a shift in trend and open the door for a move toward key November lows, while any recovery back above those levels would be needed to stabilize sentiment and reassert control by buyers. This article was written by Greg Michalowski at investinglive.com.