# Nasdaq-100 Keeps 27,200 Range Floor in Focus as Gordon Tracks Semis By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/55959 Published: 2026-11-12T22:06:58.000Z Updated: 2026-11-12T22:06:58.000Z Section: Investing > The index recovered after slipping below 27,200 last week. Gordon is watching for the SMH/SPY ratio to rise above 0.72 as a sign of returning semiconductor leadership. Todd Gordon, founder of Inside Edge Capital, LLC, says last week's recovery above 27,200 kept the Nasdaq-100 in its trading band, while a close below that level would change his chart outlook. Since May, the index has moved within a corridor near 27,200 to 31,000. An October advance beyond 31,000 faded, and last week's brief move below the lower boundary reversed. Gordon treats the range as intact unless the index finishes a session below 27,200. The test follows prior [Nasdaq-100 correction coverage](). Gordon described the broader market backdrop as uncertain, pointing to geopolitical developments, a domestic political shift after the midterm elections, doubts about AI and sticky inflation. He said he is monitoring chart levels rather than trying to predict the outcome. His explanation for technology's difficulty breaking out centers on rates. The 10-year Treasury yield is near 5%, while real yields are at 2.79%, close to their highest level since 2008. Inflation expectations are falling, Gordon said, but that has not offset the effect of real yields. He views them as a discount rate for growth stocks: high real yields make investors less willing to pay for earnings expected in the future. Semiconductors are Gordon's main gauge of market leadership. He watches the SMH/SPY ratio, which compares semiconductor performance with the S&P 500, and considers a move above 0.72 evidence that leadership is returning to the chip sector. Semiconductors have just completed a 32% pullback relative to the S&P 500, similar to a 29% relative decline against the same benchmark from mid-2024 into spring 2025. Gordon said the earlier decline came before a strong rally, but he does not know whether the pattern will repeat. Nvidia's earnings report is due next week, another event for a sector Gordon said also faces geopolitical concerns, inflationary pressure and domestic political shifts. He owns Nvidia shares personally and for clients of Inside Edge Capital, LLC. ## Links in this article - [Nasdaq-100 correction coverage](https://www.tokenpost.com/news/investing/45035)