NAS100 Sell-OffUS Tech 100 IndexPEPPERSTONE:NAS100johnconner966The NAS100 is currently testing a significant all-time-high region while pressing into the upper boundary of a rising channel. This creates a potential exhaustion setup rather than a confirmed bearish reversal. The recent advance has been aggressive and price appears extended relative to the channel structure, suggesting that upside momentum may be vulnerable to profit-taking if buyers fail to maintain acceptance above the high. A valid short thesis would require confirmation through a failed breakout, such as a sweep of the all-time high followed by a close back below the upper channel boundary or the most recent breakout area. If that rejection develops, the first downside objective would be the recent breakout shelf, followed by the channel midpoint and lower value areas. A deeper continuation of the rejection could target the 24,500 region, which aligns with the lower projected channel/value area shown on the chart. The setup would be invalidated by a strong close and sustained acceptance above the all-time-high zone, which would indicate continuation rather than exhaustion.