The Nasdaq 100 (US100) is hovering near all-time highs (~23,500), but signs of exhaustion are mounting. Momentum is fading, RSI is overstretched, and volume has been declining - all classic symptoms of a tired rally.
From a technical perspective, the index is pressing against upper trendline resistance after an aggressive multi-week run. Price action shows weakening follow-through on each new high, hinting at buyer fatigue. Best example was the huge sell-out last week.
Fundamentally, the rally is losing its foundation:
- Earnings surprises from Big Tech (Apple, Shopify) are already priced in.
- AI hype is cooling off, and valuation multiples remain extreme.
- Macro data (ISM Services, jobs) suggest economic softness.
- Fed rate cut hopes are baked in — any disappointment could trigger a sharp repricing.
Conclusion for me:
The Nasdaq looks ripe for a pullback.
We may possibly see a short spike above my drawn "upper resistance line" but I'm pretty convinced we won't see new ATH, - in my opinion it would be just a stop hunt.
If 23,000 then breaks, watch for acceleration toward 22,500 and beyond. The air is thin up here.
T1: 23250
T2: 23100
And if we get the break - I see T3 - 22250
One unpredictable variable, though? The world’s leaders.
Their "creative" decision-making has the power to nuke any technical setup.
Markets may follow charts and earnings - until a politician wakes up and chooses chaos.
No trading advice, just my ideas. :)
From a technical perspective, the index is pressing against upper trendline resistance after an aggressive multi-week run. Price action shows weakening follow-through on each new high, hinting at buyer fatigue. Best example was the huge sell-out last week.
Fundamentally, the rally is losing its foundation:
- Earnings surprises from Big Tech (Apple, Shopify) are already priced in.
- AI hype is cooling off, and valuation multiples remain extreme.
- Macro data (ISM Services, jobs) suggest economic softness.
- Fed rate cut hopes are baked in — any disappointment could trigger a sharp repricing.
Conclusion for me:
The Nasdaq looks ripe for a pullback.
We may possibly see a short spike above my drawn "upper resistance line" but I'm pretty convinced we won't see new ATH, - in my opinion it would be just a stop hunt.
If 23,000 then breaks, watch for acceleration toward 22,500 and beyond. The air is thin up here.
T1: 23250
T2: 23100
And if we get the break - I see T3 - 22250
One unpredictable variable, though? The world’s leaders.
Their "creative" decision-making has the power to nuke any technical setup.
Markets may follow charts and earnings - until a politician wakes up and chooses chaos.
No trading advice, just my ideas. :)
Trade active
And there we go, upper resistance at 23515 got tested, it went 45 points over it, hunted some stops and went down.First Target at 23250 reached. Little bounce expected, then further downside.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.