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NASDAQ's uptrend is losing steam. The index got rejected hard at its call wall resistance level and has now slipped below the 21-day EMA—a bearish signal nobody wanted to see right now. What's really happening here? The GenAI rally that fueled so much of the recent bull case is cracking under scrutiny. Investors are getting cold feet ahead of earnings season, questioning whether the growth story still holds up. When big money starts doubting the narrative, everything else tends to follow.