Financial market analysis platform The Market Ear noted that the Nasdaq 100 Index (NDX) formed a hammer reversal candlestick on Thursday (October 15) intraday at the confluence of key trend support and the 100-day moving average, where bulls and bears engaged in a decisive struggle. Goldman Sachs analyst Rich Privorotsky stated that trading volumes for VanEck Semiconductor ETF (SMH) and Roundhill Memory ETF (DRAM) related underlying assets surged to recent peaks, while global systematic long/short strategies fell 1.4% in one day, approaching an extreme four standard deviation move. Concurrently, credit default swap (CDS) spreads for technology stocks continued to widen, a rare alignment of stress signals between credit and equity markets. The NDX forward P/E ratio has fallen back to approximately 21x, returning to valuation lows seen since the start of the AI rally in 2023, which Goldman Sachs expert Peter Callahan believes may constitute a technical quadruple bottom.