The broader US stock indices are trading mixed as investors digest the stronger-than-expected US jobs report. The S&P 500 is marginally lower, while the Nasdaq Composite is posting a modest gain.A strong employment report can be both good and bad for stocks.On the positive side, continued job growth supports consumer spending, economic activity and corporate earnings. On the negative side, a strong economy and a tight labor market can keep wage and inflation pressures elevated. That could lead the Federal Reserve to maintain higher interest rates—or even tighten policy further. Higher rates increase borrowing costs and can reduce the present value investors are willing to pay for future corporate earnings, particularly for growth and technology companies.When the fundamental story sends mixed signals, the technical levels become especially important. Moving averages and prior swing levels help traders define three things: the market’s directional bias, where risk can be limited and where the next price targets are located.In the video above, I examine the S&P 500 and Nasdaq Composite from a technical perspective following this week’s price action. Both indices moved higher this week, with the gains accelerating yesterday after the more dovish comments from Fed Governor Christopher Waller. Those advances carried both indices above their respective 100-hour moving averages, shifting the short-term technical bias more firmly in the buyers’ favor.For the S&P 500, the price moved above its 100-hour moving average at 7,693.88 and is currently trading near 7,730.65. As long as the index remains above that moving average, buyers retain more control in the short term.It would take a move back below the 100-hour moving average—and then below the 200-hour moving average at 7,665.09—to tilt the short-term bias back to the downside. The two moving averages therefore provide traders with a technical roadmap: staying above them keeps the bullish bias intact, while breaking below both would signal that the buyers are losing control.On the topside, resistance comes against the August swing highs between 7,771 and 7,816, with 7,816 representing the all-time high. Swing highs often attract profit-taking because traders remember those previous price extremes. A sustained move above that area would represent another bullish technical break and open the door to new record highs.For the Nasdaq Composite (see chart above), the price also moved above its 100-hour moving average following Waller’s comments. That moving average currently comes in near 26,295.87 and remains the first important support level.On the topside, the August swing highs between 26,707 and 26,875 are the next major targets. The Nasdaq must get above—and stay above—that resistance area to strengthen the bullish bias. If it can do that, the all-time high at 27,190.21 would become the next major objective.Conversely, a move below the 100-hour moving average at 26,295.87 would weaken the bullish momentum. A further break below the 200-hour moving average at 26,161.20 would shift the short-term bias more decisively toward the sellers.The technical message is straightforward: the buyers currently have the advantage in both indices because prices remain above their key hourly moving averages. However, the August highs still need to be broken to unlock the next leg higher. Until then, traders can use the moving averages below and the swing highs above to define the battlefield, manage risk and identify the next directional break. This article was written by Greg Michalowski at investinglive.com.