The post NASDAQ 100, S&P 500 break through support trendlines appeared on BitcoinEthereumNews.com. US stock markets were in flux on Friday as the NASDAQ Composite (IXIC) saw its third greater than 1% drop this week. With 90 minutes to go before the session closes, the S&P 500 (SPX) has declined 2.6% this week so far, while the IXIC fell a heavier 4.2%. Much of the weakness has been felt in tech stocks, which are losing their luster after a swift six-month rally. Noted short-seller Michael Burry’s 13F filing early in the week showed that he seemed to be betting the majority of his family office’s money on shorting 1 million shares of Nvidia (NVDA) and 5 million shares of Palantir (PLTR). Then on Thursday, Challenger, Gray & Christmas released its findings that US corporations had done 153K layoffs in October, 175% higher than a year earlier and the largest October reading since 2003. The company said it was the worst fourth-quarter month since the 2008 financial collapse. It didn’t help matters when the OpenAI CFO seemed to be suggesting that the private company needed a government “backstop” to continue implementing its $1.4 trillion buildout of data centers. And although that statement was later walked back, reporting on private speeches from Nvidia CEO Jensen Huang in Taiwan emerged that show he expects China to lead the world in AI by 2027. The reporting suggests that Huang is worried about Huawei’s Ascend910C chip already running as little as 8% behind Nvidia’s own AI chips. Then the preliminary Michigan Consumer Sentiment Index for November on Friday dropped from October’s 53.6 to 50.3. The index is now at its lowest ebb since 2022. News that Senate Democrats were putting forth a plan to end the US federal government shutdown helped markets recover some losses on Friday, but it didn’t happen before multiple lower trendlines were broken across technical… The post NASDAQ 100, S&P 500 break through support trendlines appeared on BitcoinEthereumNews.com. US stock markets were in flux on Friday as the NASDAQ Composite (IXIC) saw its third greater than 1% drop this week. With 90 minutes to go before the session closes, the S&P 500 (SPX) has declined 2.6% this week so far, while the IXIC fell a heavier 4.2%. Much of the weakness has been felt in tech stocks, which are losing their luster after a swift six-month rally. Noted short-seller Michael Burry’s 13F filing early in the week showed that he seemed to be betting the majority of his family office’s money on shorting 1 million shares of Nvidia (NVDA) and 5 million shares of Palantir (PLTR). Then on Thursday, Challenger, Gray & Christmas released its findings that US corporations had done 153K layoffs in October, 175% higher than a year earlier and the largest October reading since 2003. The company said it was the worst fourth-quarter month since the 2008 financial collapse. It didn’t help matters when the OpenAI CFO seemed to be suggesting that the private company needed a government “backstop” to continue implementing its $1.4 trillion buildout of data centers. And although that statement was later walked back, reporting on private speeches from Nvidia CEO Jensen Huang in Taiwan emerged that show he expects China to lead the world in AI by 2027. The reporting suggests that Huang is worried about Huawei’s Ascend910C chip already running as little as 8% behind Nvidia’s own AI chips. Then the preliminary Michigan Consumer Sentiment Index for November on Friday dropped from October’s 53.6 to 50.3. The index is now at its lowest ebb since 2022. News that Senate Democrats were putting forth a plan to end the US federal government shutdown helped markets recover some losses on Friday, but it didn’t happen before multiple lower trendlines were broken across technical…