Near 7,659, the S&P 500 ended the week back below its August high after a 2% slide, turning this month’s record breakout into a failed move as selling intensified into Friday.
Nearly 7,845 on Oct. 6 marked the peak before the reversal; the Nasdaq then dropped about 4.5%, while XLK and Nvidia also fell back below prior breakout levels.
Palantir sank roughly 11% for the week and confirmed a correction, while Dell and HPE each lost more than 20% after being among the market’s biggest winners earlier in the rally.
About 72% of S&P stocks still rose this week, and the equal-weight RSP gained roughly 0.5%, showing weakness was concentrated in heavyweight leaders rather than the broader market.
Roughly 7,800 on the S&P and 27,200-27,300 on the Nasdaq are the key repair levels; if broader participation holds, indexes could recover, but fading breadth would deepen the warning from failed breakouts.