关键关口受考验，股市面临“重要临界点”

Core Viewpoint - The U.S. stock market is experiencing significant volatility, driven by concerns over the return on billions of dollars invested in artificial intelligence and high market valuations, leading to a drop in the S&P 500 index to its lowest level in two weeks [1][2]. Market Analysis - The S&P 500 index has seen a decline of 2.5% from its recent peak, with three instances of at least a 0.99% drop in the last six trading days [2]. - The Chicago Board Options Exchange Volatility Index (VIX) has risen to around 20 points, indicating increased market uncertainty [2]. Technical Analysis - Key technical levels are being monitored, with the 50-day moving average at 6665 points identified as a critical support level. A drop below this could signal a significant bearish trend [1][3]. - The next important threshold for technical analysts is the 6700-point level, where a high open interest in options could provide short-term support [3][4]. - The range of 6740-6800 points is considered a significant technical zone for the S&P 500, with 6640 points being a crucial mid-term support level [4]. Corporate Impact - Companies are facing increased layoffs, with the number of announced job cuts reaching the highest level for October in over 20 years, attributed to accelerated cost-cutting related to artificial intelligence [3]. - The "Magnificent Seven" tech index has dropped by 2%, marking the third decline in six trading days, reflecting concerns over the sustainability of high valuations in leading tech stocks [3]. Investor Sentiment - There is a noticeable increase in hedging activities among investors, indicating a growing awareness of market vulnerabilities [4]. - The upcoming earnings report from NVIDIA on November 19 is anticipated to be a key event that could influence market direction [4].