Following the conclusion of the China–United States meeting without the announcement of any substantial agreements, alongside data showing inflation rising to its highest levels in nearly three years, growing expectations that interest rates may not be cut this year, and government bond yields climbing to their highest levels in around a year, markets have started to recognize the risks of continued record-high gains.

Looking at the attached chart, the area near 29,000 appears to represent a key support level for the Nasdaq index, as it forms the neckline of a bearish “Head and Shoulders” pattern. A break below this level could contribute to increased selling pressure on the index, potentially opening the way for moves toward the 28,300 level, which represents the next technical target for the pattern according to technical analysts.