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This chart looks at the Nasdaq Composite index over the past 20-years, reflecting that the long-term trend is up and it has hit all-time highs of late.

The index has spent the majority of the past 18-years inside of rising channel (1).

It peaked in 2000 and fell a large percentage over the following 9-years.

Since the 2009 lows, it has experienced a tremendous 9-year rally, taking it back to the top of the rising channel at (2).

Joe Friday Just The Facts– Tech and broad market bulls want to see Tech breakout at (2), not selling pressure getting started.