Markets Plunge as Technology Stocks Collapse
U.S. stock markets experienced another volatile week, with Thursday’s sharp selloff adding to an already difficult market environment. The S&P 500 recorded its second consecutive weekly sell signal, while the NASDAQ and semiconductor sectors entered their fourth weeks of sell signals. The Russell 2000 remained in its ninth week of a sell signal. The VIX surged more than 45% this week, reflecting the extraordinary volatility following the election and Tuesday night’s flash crash. Meanwhile, the Canadian market continued to show relative strength, maintaining its weekly buy signal despite Thursday’s reversal.
Technology stocks remain under significant pressure. The NASDAQ 100 has broken below its summer lows and is trading well below its 200-day moving average, with 625 identified as the next downside target. Semiconductors have also broken their summer lows, with 437.50 representing an important target and 375 the next potential downside level. Nvidia closed below $200 and its July lows, putting $175 in focus. Investors should also watch the S&P 500’s ability to hold its 200-day moving average and the importance of portfolio diversification during periods of extreme market volatility.
Stephen Whiteside
Friday, November 6, 2026
