Goldman Sachs Flags Nasdaq-100 Trend Line After Four Weekly Declines

Goldman Sachs technology, media and telecommunications chief specialist Peter Callahan identified a key Nasdaq-100 trend line after the index fell about 5% last week, its fourth consecutive weekly decline. The index closed near 26,630 on Thursday, Nov. 5, roughly on a line connecting its April 2025 and March 2026 lows. A rebound in semiconductor shares helped it close at about 26,990 on Friday, Nov. 6, around 1% above the line. Friday’s close remained about 14% below the Oct. 6 high near 31,361. Callahan’s chart identifies the March 2026 low near 23,000 as the next support level if the Nasdaq-100 falls below the trend line. The Philadelphia Semiconductor Index (SOX) dropped 28% over 22 trading days.

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