The final trading day of the month also marks the start of a new trading week for the broader S&P 500 and Nasdaq Composite. At current levels, the S&P is up 2.54% for the month, while the Nasdaq has gained 3.69%. Both indices are trading lower today, however, giving back some of those gains.The pressure comes amid concerns about rising U.S. interest rates following Fed Chair Kevin Warsh’s hawkish comments at Jackson Hole on Friday. Increased tensions in the Middle East have also pushed oil prices sharply higher. The U.S. 10-year yield is up 3.8 basis points at 4.76%, while the 30-year yield is up 5.2 basis points at 5.260%.The S&P 500 is currently down about 31 points, or 0.41%, at 7678.26. The decline has taken the index below its 100-hour moving average at 7716.94 and toward the midpoint of the range between that level and the 200-hour moving average at 7632.08.Moving below the 100-hour moving average has taken some of the bullish momentum out of the market. However, with the index still holding above the 200-hour moving average, buyers remain in play. That leaves the short-term technical bias more neutral, with traders waiting for the next break.A move back above the 100-hour moving average at 7716.94 would give buyers more control and shift the focus toward the all-time high at 7816.70. Conversely, a break below the 200-hour moving average at 7632.08 would tilt the bias more firmly in the sellers’ favor and open the door toward the rising 100-day moving average at 7441.52.A similar technical dynamic is playing out in the Nasdaq Composite. The index is currently down around 75 points at 26,328, taking it below its 100-hour moving average at 26,387.90. However, it remains above its 200-hour moving average at 26,020.64.As with the S&P, the move below the 100-hour moving average takes some of the bullishness out of the technical picture, but the 200-hour moving average continues to provide support and keeps buyers in the game.A move back above the 100-hour moving average at 26,387.90 would tilt the bias back in the buyers’ favor. On the downside, a break below the 200-hour moving average at 26,020.64 would give sellers greater short-term control, with the 100-day moving average at 25,753.74 becoming the next key target. This article was written by Greg Michalowski at investinglive.com.