The bounce I expected last weekend and reiterated in several intraweek Desk Notes has played out. NQ bounced from the multi-year ascending trendline and ES traded back toward 7.8K, while SPX and ES never lost the first supports I identified.

The hawkish Jackson Hole repricing was the next stress test. The selling still failed to break those supports, keeping the rebound alive.

Unless NDX and NQ break back below their descending trendlines, the path of least resistance for U.S. equities remains higher.

Technical

SPX remains above 7.58K, while ES remains above 7.63K. As long as both hold, the upper channel boundaries remain in play. Sustained breaks below them put the lower channel boundaries back in play.

Technical: NDX and NQ remain above their descending trendlines. As long as those lines hold, further upside remains open. A move back below puts 28.6K in play on NDX and the lower ascending trendline in play on NQ.