AI Spending Concerns Rattle Chip StocksNASDAQ 100 IndexNASDAQ_DLY:NDXinkicho_exnessNDX | 4H Technical Analysis — Apr 29, 2026 Reports that OpenAI's CFO raised internal concerns about the company's ability to sustain massive data center investment amid slowing user and revenue growth have rattled AI-related sentiment across the board. The Philadelphia Semiconductor Index (SOX), which had rallied for 18 consecutive sessions, fell as much as 5% in a single session as profit-taking accelerated sharply. NDX has been on a near-vertical recovery since the early April low near 22,900–23,000, with price now trading around 27,000, well above both EMAs, both of which are trending sharply higher in a widening bullish cross. The broader structure has shifted decisively from the multi-month downtrend that bottomed in early April. The recovery from the 22,900 low has been impulsive and sustained, clearing 24,000, 25,000, 26,200, and 26,750 in sequence before tagging the 27,300 resistance zone. Price has since pulled back modestly to the 27,000 area, likely reflecting the AI sentiment overhang and SOX-driven profit-taking rather than any structural deterioration. Price is now consolidating just below 27,300, with EMA21 acting as immediate dynamic support. Fibonacci extension levels at 27,635 (1.272) and 28,034 (1.618) are plotted as the next upside targets should the current resistance be cleared. Key levels to watch: Resistance: 27,300 / 27,635 (1.272 fib) / 28,035 (1.618 fib) Support: 26,750 → 26,200 → 25,490 (EMA78) → 25,000 → 23,000 (April low) Bear case: Continued failure below 27,300 could trigger a deeper pullback toward 26,200 or the EMA78 at 25,490. A close below 26,200 would raise the risk of a more meaningful retracement of the April recovery leg. Bull case: A clean break and hold above 27,300 with EMA21 holding as support re-opens the path toward the 27,635 fib extension. Follow-through above that level targets 28,035, with broader structural momentum remaining intact as long as price stays above EMA78. Bias remains bullish on the broader recovery structure, but the AI spending narrative and SOX profit-taking introduce near-term overhead pressure. A consolidation between 26,200 and 27,300 would be a healthy reset before the next leg higher.