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. Callahan compared the pace of that decline with a handful of periods since 1997, including the dot-com collapse, the 2008 financial crisis and the COVID-19 shock.

Callahan also highlighted a gap between share prices and business indicators. He described memory prices, computing-power pricing, visibility into supply and demand, and third-quarter earnings as strong despite the sell-off.