SpaceX officially joins the NAS100 today, marking one of the most closely watched index changes of the year. The inclusion is expected to generate fresh demand from passive funds tracking the Nasdaq-100, with JPMorgan estimating that index-related buying could total around $4.3 billion.
The index has been consolidating since posting a record high on June 6, forming a symmetrical triangle that often precedes a decisive breakout. With AI optimism still intact and institutional flows returning to technology stocks, today's rebalancing could provide the catalyst for the next directional move.
Bullish Scenario
The NAS100 continues to trade above its 50-day moving average at 29,449, keeping the broader uptrend intact. A move above 29,700 would strengthen bullish momentum, while a sustained breakout above the triangle resistance near 30,690 could pave the way for a fresh all-time high.
Bearish Scenario
Failure to hold above the 50-day moving average would increase the risk of a deeper pullback. Initial support is located around 29,238 at the lower boundary of the triangle. A break below this level could trigger a broader correction before buyers return to the market.
