US Tech 100 Breaks Key Support as Spreadex Flags Bearish Turn

The US Tech 100 has broken below the rising trendline from its April low and undercut its August low, turning the index's technical picture bearish, according to Spreadex's Weekly Technical Analysis published 9 November 2026.

Spreadex, the UK-based trading firm publishing the daily chart review, says a steep descending trendline from the late-October high now caps rebounds in the Tech 100. Price is bouncing off the lower band, well below a falling VWAP. RSI sits below neutral and close to oversold, so a short-term bounce is possible. Holding below VWAP keeps the downtrend on track, while a recovery above the descending trendline would point to a pullback, the analysis states.

What does the Wall Street chart show?

Wall Street's correction within the downtrend from the August high has turned into chop, Spreadex writes. A brief spike above the descending trendline from that high was quickly reversed, and price has dropped back below VWAP to test the rising trendline from the May low at the lower band, where it is bouncing. RSI is just below neutral. Holding below VWAP keeps the downtrend in favour, while a close below the rising trendline would open the way to deeper losses.

Is Europe holding up better?

Germany 40 stands apart. Its uptrend has merely paused, with price pulling back from a fresh high at the upper band to retest the broken descending trendline from the late-August high. Price holds above a rising VWAP, and the rising trendline from the April low sits between VWAP and the lower band. RSI is above neutral. Holding above the broken trendline keeps the uptrend on track, while a drop below VWAP would deepen the pullback into a correction, Spreadex says.

The UK 100 remains range-bound. A spike above the descending trendline from the early-August high was rejected near the range highs. Price has recovered to sit just above VWAP, while the rising trendline from the October low holds below the lower band. RSI is just above neutral. A close above the descending trendline would challenge the range highs; a drop below the rising trendline would put the lower end of the range in focus.

Where do the dollar pairs stand?

Cable has settled into a sideways range. The recovery from the mid-October low has retraced much of the September drop, and price pushed to the upper band before easing back to the rising trendline from the mid-October low. It holds above a rising VWAP, with RSI above neutral. A close above the recent high would challenge the top of the range, while a drop below VWAP would put the lower band back in focus.

EUR/USD's correction within the downtrend from the September high is losing momentum, according to Spreadex. Price was rejected at the descending trendline from that high near the upper band, dropped toward the lower band, and has recovered to test a flat VWAP from below. RSI is just below neutral. Holding below VWAP raises the chance the downtrend resumes, while a close above the descending trendline would point to a bullish reversal.

USD/JPY remains range-bound, squeezed between the descending trendline from the early-September high and a rising trendline from the late-October low as the bands narrow. Price has slipped just below the rising trendline but holds above a flat VWAP. RSI is around neutral. A close above the descending trendline would put the upper band in focus; a drop below VWAP would return price to the lower band.

What about gold and oil?

Gold's downtrend has paused. The break below the rising trendline from the July low was quickly reversed, and price has rebounded from the lower band back above VWAP to test the descending trendline from the August high. RSI has recovered from near oversold to just above neutral. Rejection at the descending trendline would keep the downtrend on track, while a close above it would deepen the pullback into a correction, Spreadex writes.

Brent crude is the weakest chart of the week. Its pullback has deepened into a correction after price was rejected at the long-running descending trendline from the March high, then broke below VWAP and the rising trendline from the August low. Price has fallen to the lower band. RSI is below neutral and approaching oversold. Holding below the broken rising trendline keeps the correction in play, while a recovery back above it would put VWAP back in focus.

The through-line for the week: VWAP is the dividing line nearly everywhere. Below it, Tech 100 and Brent face further downside; above it, Germany 40 and cable keep their bullish structure intact. The next closes through those levels set the tone for the week beginning 9 November 2026.