The NASDAQ index continues to power to new record highs, with the latest all-time peak reaching 26,474.18. The index is currently trading at 26,454.91, up 366 points or 1.41% on the day.

Looking at the hourly chart, a rising channel trendline comes in near 26,751 and continues to climb higher. When markets are trading at fresh record levels, traders often search for any technical reference point that can help define risk or identify potential resistance. For now, that upper channel trendline is one such level, although the index still remains roughly 300 points below it and the trendline itself continues to move higher with price action.

At record highs, finding meaningful risk-defining levels becomes more challenging because there is little historical resistance overhead. On the downside, traders can instead focus on areas where the bullish bias could begin to shift.

Using the October 2025 high to March 2026 low decline, the 161.8% Fibonacci extension target comes in at 26,077.78. That level sits about 380 points below current prices and could serve as an important support target on a deeper correction. A move below that Fibonacci extension — especially if accompanied by a break beneath the lower channel trendline — would give sellers a stronger foothold and force traders to reassess the near-term bullish bias