The Nasdaq advanced 1% over the past month, mostly chopping sideways in August and bouncing off support at the 50-day EMA.

The RSI ended July near oversold levels, but has climbed to the middle mark around 52. The Nasdaq still has room to move in either direction from here. My best guess is we get more upside through the November midterms, then a significant correction back to the bottom of the trend channel at some point shortly before year-end or in early 2027.

August into early September 2026 was a bounce-back month for tech, after a nasty midsummer semiconductor washout.

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Takeaway: My bias is slightly to the upside over the remainder of 2026. But bond market turbulence, escalating wars, and higher energy prices could cap any further upside in technology stocks. Opportunities remain in high-growth sectors and individual names breaking higher, but we should take a cautious, high-level approach until there is more clarity around rising yields and higher energy prices.