Line In The Sand: Goldman's Top Tech Specialist Flags The Most Important Level For The Market

Four weeks, four losses, and one very important line.

That more or less sums up the latest weekly note from Goldman's head TMT specialist Peter Callahan, "US TMT: what a week" (available to pro subs), which landed Sunday evening after the Nasdaq 100 closed down ~5% on the week, its fourth straight weekly loss, and the SOX "turned in one of its biggest rolling 1-mo drawdowns in history": semis are down 28% over the past 22 trading days, a pace matched only a handful of times since 1997 (the dot-com bust, the GFC, and Covid).