The Nasdaq 100 Index has officially closed below its 200-day moving average for the first time in nearly two years, marking the end of the second longest uptrend in its history. This week’s close below the average follows a streak of approximately 500 days above it, which began after the March 2023 banking crisis. Analysts are expressing concerns that this development may signal potential near-term downside for the index, with some suggesting a possible bear market. Additionally, the S&P 500's recent performance, including breaking its December low, is seen as a warning sign of potential weakness in the market. This week also coincides with the 25th anniversary of the Nasdaq's peak during the dot-com era, a stark reminder of the volatility that can follow such highs.