Will NDX retest the 2000 top before next leg-up? NDX/WM2NSNASDAQ_DLY:NDX/FRED:WM2NSBeforeConsensusThis chart tracks the Nasdaq 100 (NDX) divided by the US M2 Money Supply (WM2NS). Stripping out monetary expansion and "money printer" effects gives us the true, liquidity-adjusted valuation of tech stocks—revealing how much growth is driven by actual market expansion versus currency debasement. --- Turning Resistance into Support The red horizontal line marks the peak of the 2000 Dot-Com Bubble relative to liquidity — a level that capped tech valuations for over 20 years. NDX first slammed into this 2000 top in 2025, pulled back roughly 25% in a healthy reset, and then aggressively broke out above it. After the breakout, price pulled back to retest the red line, successfully flipping historic resistance into strong support, which propelled the index straight to a fresh ATH. --- The Second Retest We are now seeing a pull-back. All eyes are on a second retest of that flipped 2000 support level: Bullish Case: If the red line holds strong a second time, it confirms a rock-solid structural floor for the next macro leg higher. Bearish Case: A breakdown back beneath the 2000 peak would open the door for a deeper correction toward mid-channel levels (yellow line). Where do you think we go from here? Does support hold for a second springboard, or are we due for a deeper cool-off?