The broader stock indices are looking to dodge a big bearish technical bullet today.

The catalyst for the reversal back to the upside came after Fed's Bostic showed some tightening restraint in his comments. That has helped to bring a bid to the risk assets. In addition, the 10 year yield is also coming off its boil, although it still remains above 4.0% at 4.059%

S&P index moves back above its 200 day moving average

Technically, earlier today, the S&P broke below its 200 day moving average at 3940.05 and moved closer to its rising 100 day moving average at 3923.29. The low price for the day reached 3928.16.

However the Bostic comments has the index trading back into positive territory at 3970.57. That's up 19.12 points or 0.49% and takes a price back above the 200 day moving average. The 50% midpoint of the range since the December low comes in at 3979.54 and is the next upside target. Moving above that level, would be a further tilt to the upside for the S&P index.

For the NASDAQ index, looking at the daily chart below the price closed below its 200 day moving average yesterday and continued the run to the downside today. The low-price today approach the 50% midpoint of the move up from the December low at 11238.51. The low price for the day reach 11273.61.

Bostic's comments have pushed the price back above its 200 day moving average at 11403.56. The current price is trading at 11420.30 up 40.7 points or 0.36%.

NASDAQ index closes back above its 200 day moving average

So both the S&P and the NASDAQ index on the verge of dodging the bearish bullets from a technical perspective. Traders will be monitoring the price action to see if that momentum can continue into the close.