The index surged 1.41% to a new all-time peak, with traders eyeing technical levels amid limited overhead resistance.
The NASDAQ index reached a new record high of 26,474.18, trading up 366 points or 1.41% to 26,454.91. The rally continues as the index pushes toward a rising channel trendline near 26,751, though it remains roughly 300 points below that level.
With no historical resistance at these levels, traders are relying on technical indicators to gauge potential pullbacks. A key Fibonacci extension at 26,077.78, about 380 points below current prices, could act as support if a correction unfolds.
A break below this level, particularly if accompanied by a drop beneath the lower channel trendline, may signal a shift in the near-term bullish bias.