Can the Nasdaq sustain its rally?NASDAQ Composite IndexNASDAQ_DLY:IXICCleanDIAMONDIXIC SPX JPYKRW Over the past two years, the S&P 500 and Nasdaq have experienced an unprecedented rally. However, now, with the S&P 500 hovering around 6,000 points and the Nasdaq near 20,000, the market appears to have lost its momentum. I believe that for stock prices to rise further, there must first be a significant market pullback. A major decline implies that someone has already realized substantial gains, and understanding this dynamic is crucial. Looking further back in time, investors who bought stocks at lower prices will eventually sell them at higher prices. This cycle continues to repeat itself. There is no such thing as perpetual growth, just as there is no endless decline. Keeping this principle deeply in mind can lead to better investment decisions.