The code word for the day is “Uncertainty.”Uncertainty surrounding US tariffs — their scope, timing, and impact on countries, industries, and index components — continues to weigh on markets. With little clarity on what policy will look like today or tomorrow, investors are de-risking. That uncertainty has pushed the broader indices sharply lower, with both the S&P 500 and NASDAQ under pressure.From a technical perspective, sellers are firmly in control. The NASDAQ ran into resistance at its 100-hour moving average, while the S&P 500 found willing sellers against both its 100- and 200-hour moving averages. Those levels held, and price has rotated lower in what is now a clear rejection of key intraday resistance.In the video, I outline the next downside targets if momentum continues. Uncertainty worries the market. It worries countries and companies. That has the markets on edge.Bias: NegativeRisk levels: 100- and 200-hour moving averagesTargets: Clearly defined with the 38.2% retracement of recent lows to the upside as the main downside target This article was written by Greg Michalowski at investinglive.com.