Nasdaq 100

Key insight

30,000 round-number support is the line in the sand; a daily close below it opens the 200-day MA near 28,800. Gold at $4,135 and oil at $92.9 signal macro stress unfriendly to high-multiple tech.

Holds 30,174 but underperforms S&P 500 on a down day — tech leadership fading as oil at $92.9 boosts energy rotation away from growth.

Main risk

Oil surge driving rate-fear resurgence

Oil at $92.9 (+1.4%) pressures inflation expectations, threatening duration-sensitive Nasdaq multiples below 30,000.