US 100 (Nasdaq 100) — Back Above the EMAs, But Can It Hold?US 100 IndexTVC:NDQbemfundingThe Nasdaq 100 has staged one of the sharpest recoveries in recent memory. After the breakdown below both major moving averages in late March and the flush all the way down to 23,000, bulls have clawed back nearly 4,000 points in just a few weeks, reclaiming everything that was lost during the correction and then some. Price touched 27,007 yesterday, a level not seen since before the February distribution phase began. That kind of move deserves both respect and a healthy dose of skepticism. Where we stand: Price is currently trading at 26,782, down 0.57% on the day and pulling back after yesterday's push above 27,000. The EMA 100 (24,974) and EMA 200 (24,333) have both been decisively reclaimed and are now sitting well below as support, which is a meaningful structural shift compared to where things stood just three weeks ago. Both EMAs are still in the process of flattening out from their prior rollover, meaning they are not yet the rising tailwind they were during the 2025 bull run, but price being comfortably above them is a significant improvement in the technical picture. The key question is whether yesterday's push above 27,000 was the beginning of a genuine breakout into new all-time high territory, or whether it was a momentum exhaustion point that leads to a pullback toward the EMAs before any further advance. Levels to watch: 27,000 is the immediate level to watch. Price tagged it yesterday and pulled back, which makes it the near-term line between a continuation higher and a deeper consolidation. A clean daily close above it with follow-through would open the door toward the 28,000-29,000 area and potentially all-time highs. 24,974 (EMA 100) and 24,333 (EMA 200) are now the key support levels on any meaningful pullback. A retest of this zone in the coming weeks would be entirely normal after such a sharp rally and holding it would confirm the trend change is genuine. 23,000 is the March swing low and the level that cannot be revisited. A return there would represent a full round trip and invalidate the entire recovery narrative. Bias: Bullish above 24,974. The EMAs have been reclaimed decisively and the structure has improved significantly. A pullback toward the EMA cluster would be a buying opportunity as long as it holds. Invalidation: Daily close back below 24,333 (EMA 200). Not financial advice. Trade your own plan.