The Nasdaq advanced 41% over the past month, apparently undeterred by spiking interest rates.

The RSI at 62 still has room to continue higher before hitting overbought levels. The Nasdaq is trading well above key EMAs, which is bullish.

The Nasdaq had a two-part September. It rallied to a record, then gave back the gains.

The index closed at a record 27,122 on September 21, its first since June, up 2.3% that day. Semiconductors did the work: the chip ETF rose about 4%, with Intel up 12%, AMD up 10%, and Meta up 11%. Oil fell that session, and the 10-year yield eased to 4.96%, so money rotated out of energy and into tech.

The last week reversed it. The U.S.–Iran conflict swung oil, and the 10-year yield climbed to about 5.25–5.26%, the highest since 2002. On September 28 the Nasdaq was down about 1% even after Nvidia added $150 billion to its buyback; AMD, Micron, Qualcomm, and SK Hynix all fell.

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Takeaway: The month was an AI and chip squeeze to a high, then a rates and oil giveback. The index did not break. It stopped making new highs once the 10-year pushed through 5%.