Chart Alert: Nasdaq 100 Faces Pullback Risk as Semiconductor Rally Shows Signs of Exhaustion

The Nasdaq 100 (US Tech 100) extended its medium-term bull run to an intraday record of 29,390 on May 11, 2026, but technical signals point to near-term pullback risk. A strong, 20-day correlation (0.95) with semiconductors (SOXX) and overstretched conditions in SOXX—daily close above the upper Bollinger Band and RSI bearish divergences—suggest medium-term bullish exhaustion in chips could trigger a corrective mean-reversion in the Nasdaq. Analysts flag a minor corrective bias beneath the 29,505/615 pivot, with supports at 28,660 and 28,460/280. Overall market impact: a likely short-term tech sell-off that could drag the broader tech-heavy index while leaving the medium-term uptrend intact.