In a video yesterday, I spoke to the resistance in the Nasdaq index near the 200 hour MA and also commented on how the QQQ ETF was testing its converged 100/200 hour MAs. You can revisit that post (and watch the video), but clicking below: For those two indices, esch failed to extend above their key resistance targets, and today's selling has pushed both lower. When a market tests resistance, fails to break through, and then reverses lower, it is a bearish technical signal that suggests buyers are losing momentum while sellers are taking more control.That makes today's decline less surprising, but is also a warning to traders of the downside risks. In the video below, I break down the technical picture for both indices, explain why those resistance levels remain so important, and outline the key price levels that will determine where the markets head next. This article was written by Greg Michalowski at investinglive.com.