The broader U.S. stock indices are opening higher, extending the momentum from yesterday when both the S&P 500 and NASDAQ closed at record highs and near their session peaks. Today’s gains have already surpassed yesterday’s intraday highs, putting the market on track for another record close if the positive tone holds. With prices at fresh highs, calling a top is difficult.On the hourly NASDAQ chart, a rising topside trendline near 21,935 (and climbing) could act as the next upside marker—or a potential level for sellers to lean against. Until that level, there is no real resistance technically.On the downside, key supports stand out and could give sellers some confidence that a corrective move has started. The July 31 high at 21,457.48 is the first level that, if broken, would signal fading bullish momentum. Below that, the rising 50-hour moving average at 21,270.15 and the 100-hour moving average at 21,174.38 are pivotal. A sustained break below all of these would be needed to shift control toward sellers and build a stronger bearish bias. Absent that in the buyers are in full control.A snapshot of the market currently shows:Dow industrial average +278 points or 0.63% at 44738.S&P index up 27.92 points or 0.43% at 6473.39.NASDAQ index up 101 points or 0.46% at 21782.The small-cap Russell 2000 is trading up 15.69 points or 0.69% at 2298.27. Yesterday the Russell 2000 rose 2.99%.Yesterday I did a technical post on Netflix (see post here). The pair had been trading above and below the 200-hour moving average over the previous two trading days, but was making a play to the upside into the close. Today, the price has extended higher, and is testing the high from July 21 at $1237.06. Moving above that level, and traders will stretch toward the 50% midpoint of the move down from the June 30 high. That level comes in at $1242.93. Getting above both those levels keeps the bullish run going.What is the risk? Traders would not want to see the price move back below the 200-hour moving average at $1216.37. A move below that level would take some of the corrective bullish steam out of the market. This article was written by Greg Michalowski at investinglive.com.