In the video above, I take a look at the S&P and Nasdaq Composite from a technical perspective, focusing on the old highs that now help define risk. Holding those areas keeps the buyers in the game. Breaking below them—and staying below—would give sellers more control.Earlier this week, both indices extended to new all-time highs:S&P: The index broke above its swing area between 7771 and 7815.54, reaching a record high of 7844.52.Nasdaq Composite: The index moved above its June and September highs between 27190 and 27288. Tuesday’s advance reached 27722.75, near a topside trendline.Those breaks were bullish developments. You cannot ignore new all-time highs. However, the selling yesterday and today raises an important question: Can buyers defend the breakout areas, or will those breaks fail?For a beginner trader, an old ceiling can become a new floor once the price breaks above it. A correction back toward that ceiling gives buyers an opportunity to defend the breakout. If the price falls back below the area and stays below, the bullish case weakens.The key levels are clear:S&P: A move below 7771 with momentum would signal a failed break and open the door to further corrective selling.Nasdaq Composite: A move below 27190 with momentum would likewise disappoint buyers and tilt the technical bias more toward the sellers.Today, the S&P briefly traded below its lower boundary, reaching 7769.15. However, the break did not gather momentum. Buyers stepped in, and the price recovered back into the swing area.That gives buyers some breathing room, but they still have work to do. The index remains within the 7771–7815.54 area. A move above 7815.54—and an ability to stay above it—would give buyers more relief and put the record high at 7844.52 back in focus.For now, there is a battle around the old highs. Buyers want those former ceilings to become floors. Sellers want to push back below them and force the breakout buyers to reassess.Hold the area, and buyers retain their opportunity. Break below it with momentum, and sellers get their next shove. This article was written by Greg Michalowski at investinglive.com.