Summary

• Despite a temporary sell-off triggered by concerns around OpenAI revenue, the Nasdaq 100 stabilised, suggesting that recent “AI bubble” worries are not yet supported by technical or momentum signals.
• The Philadelphia Semiconductor Index (SOX) remains the key market leader with strong gains, but current momentum levels are still below dot-com bubble extremes and show no bearish divergence, indicating further upside may be possible.
• The Nasdaq 100 continues to trade within an ascending channel, supported by healthy market breadth and bullish momentum signals, with 26,760 acting as the critical level to maintain near-term upside potential.

By Kelvin Wong

This is a follow-up analysis on the prior report, “Chart alert: Nasdaq 100 gap-down stalled above 26,288/142 key support, bulls are still in control,” published on 20 April 2026.

On Tuesday, 28 April

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