I see the NAS100 fighting to break above the long-term trading channel resistance since 2010. The AI FOMO has pushed things up quickly this past year. Will a broadening rally from the rest of the market push it above the channel like during COVID? Hard to know right now. I see and feel a lot of the same FOMO as in 20-21. It could just keep working its way up along the resistance while waiting for some clear direction. I would not be surprised to see a sharp selloff to try and gain a strong rebound to try and break it.
Close up:
Here is a look at the NAS100 on the Monthly time scale.
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Right back to resistance and tested again. Market staying strong with buy the dip momentum.