Top in Place? NASDAQ100 Signals Exhaustion After Incredible RunUS Tech 100TRADENATION:USTECMihai_Iacobš The crazy run since April NASDAQ100 has had a spectacular run since early April, when the index dipped to 16,300 amid rising tensions caused by Trumpās tax war. From that low, weāve seen a mind-blowing rally of over 7,000 points, which translates to a 40% gain in just 4 months. Such a rise is not just impressiveāitās overextended, especially by historical standards. Markets donāt move in straight lines forever, and this one might be showing signs of fatigue. šÆļø Bearish signal at the top Fast forward to this week: yesterday, the index marked a new all-time high at 23,700, but closed the day with a strong bearish engulfing candleāone that wipes out the gains of the previous 4 trading sessions. This is not a small technical detail. Such candles, when appearing after an extended rally, often signal exhaustion and a potential shift in momentum. ā Top in place? In my opinion, there's a high probability that a top has been set, at least temporarily. We might be looking at the beginning of a healthy correction, or even something more meaningful, depending on follow-through in the next sessions. š Where to next? The first major support to watch is the 22,200 level. I expect that zone to be tested soon ā and honestly, considering how much the index has gone up, this shouldnāt surprise anyone. Itās nothing more than a minor pullback, all things considered. š§ Stay smart! When markets go vertical, it pays to stay disciplined and realistic. Tops rarely announce themselves, but when signals like this appear, itās wise to listen. Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.