纳斯达克从关键支撑位反弹的势头已增强，但与人工智能相关的新不确定性再次引发了抛售压力。
Nasdaq’s rebound from key support has strengthened, but fresh AI-related uncertainty has renewed selling pressure.
对人工智能投资回报、监管审查及高估值的担忧，持续使科技股处于脆弱状态。
Concerns over AI investment returns, regulatory scrutiny and high valuations continue to leave technology stocks vulnerable.
纳斯达克100指数面临28,800–29,000点的阻力位，而28,000–28,100点则是关键支撑位。
Nasdaq 100 faces resistance at 28,800–29,000, while 28,000–28,100 is key support.
11月人工智能精选股现已上线！限时早鸟黑五大促，解锁完整名单享55%折扣。
New AI-picked stocks for November are now LIVE! Unlock the full list for 55% off for a limited time only, amid the Early-Bird Black Friday Sale.
在隔夜下跌之前，纳斯达克100指数已收复上周急跌失去的大部分地盘，买家在一个重要的技术支撑区域重新入场。反弹令人鼓舞，但若干未解决的问题继续使科技股容易遭遇新的波动。英伟达高管指控引发新抛售美国股指期货隔夜转跌，因科技股面临新干扰，源于关于英伟达（纳斯达克代码：NVDA）首席执行官黄仁勋的报道。
Until its overnight drop, the Nasdaq 100 had recovered much of the ground lost during last week’s sharp sell-off, with buyers stepping back in around an important technical support zone. The rebound has been encouraging, although a number of unresolved issues continue to leave technology stocks vulnerable to renewed volatility. Nvidia Chief Allegations Trigger Fresh Selling US equity futures turned lower overnight as technology shares faced a fresh distraction following reports concerning NVIDIA (NASDAQ:
《纽约时报》和《华尔街日报》刊发的指控，给人工智能行业最具影响力的人物之一蒙上了不确定性阴影；《华尔街日报》还报道称，公司董事会正在考虑其去留。影响尚不清晰，但这些标题为一个本已受到密切关注的行业增添了另一层不确定性。英伟达股价盘前下跌逾7%。
NVDA ) chief executive Jensen Huang. Allegations published by the New York Times and Wall Street Journal introduced uncertainty around one of the most influential figures in the AI industry, with the latter also reporting that the company’s board was considering his future. The implications remain unclear, but the headlines added another layer of uncertainty to an already closely scrutinised sector. Nvidia shares fell more than 7% in premarket.
在此之前，科技板块度过了强劲的一周。周三科技股延续反弹，助推纳斯达克指数跑赢大盘。CoreWeave（纳斯达克代码：CRWV）股价在财报发布后盘后交易中飙升逾20%，提振了所谓新云计算板块的情绪。关注点现转向Nebius周四的业绩，以寻找人工智能基础设施需求正转化为可持续增长的进一步证据。本周AI乐观情绪回升，但疑虑犹存反弹帮助美国主要股指收复了上周大部分跌幅。
Until this happened, we have had a strong week for the tech sector. Technology stocks extended their rebound on Wednesday, helping the Nasdaq outperform the broader market. CoreWeave (NASDAQ: CRWV ) shares surged more than 20% in after-hours trading following its earnings announcement, lifting sentiment across the so-called neocloud sector. Attention now turns to Nebius’ results on Thursday for further evidence that demand for AI infrastructure is translating into sustainable growth. AI Optimism Returned This Week, but Questions Remain The recovery has helped major US indices claw back much of last week’s losses.
然而，投资者仍面临诸多疑问：AI投资的规模、民主党在中期选举获胜后可能面临更严格的监管审查，以及至关重要的一点——投入基础设施建设的数十亿美元能否产生足够的回报。
However, investors still face questions over the scale of AI investment, the potential for greater regulatory scrutiny following the Democrats’ midterm victory and, crucially, whether the billions being committed to infrastructure will generate sufficient returns.
CoreWeave等公司的强劲业绩提供了一定的安慰，但市场需要更广泛的证据，以证明当前的支出周期具有可持续性。在估值要求苛刻且近年涨幅巨大的背景下，科技股在情绪恶化时仍易遭遇获利了结。纳斯达克100指数技术分析从技术面看，反弹令人鼓舞，但目前面临新的阻力。
Strong results from companies such as CoreWeave offer some reassurance, but the market will need broader evidence that the current spending cycle is sustainable. Against a backdrop of demanding valuations and substantial gains over recent years, technology stocks remain susceptible to profit-taking when sentiment deteriorates. Nasdaq 100 Technical Analysis From a technical perspective, the recovery has been encouraging, but now fresh resistance is being provided.
纳斯达克100指数期货在上周末于26,350–26,400区间找到支撑。这是一个重要区域，曾在去年10月和今年1月形成过双重顶。该指数随后于4月突破这一阻力，直到上周五才回踩测试。
Nasdaq 100 futures found support towards the end of last week in the 26,350–26,400 region. This is an important area, having marked a previous double top formed in October and January. The index subsequently broke above this resistance in April and had not returned to test it until last Friday.
前期阻力现转为支撑，这是建设性信号。该指数还重新站上200日移动平均线，并收复了27,200左右被跌破的夏季低点，表明买方开始重新掌握一些控制权。不过，现在宣布回调结束还为时过早。
The fact that former resistance has now acted as support is constructive. The index has also reclaimed its 200-day moving average and moved back above the broken summer lows around 27,200, suggesting buyers are beginning to regain some control. However, it is too early to declare the correction over.
纳斯达克指数仍需克服自10月高点以来形成的一系列更低高点。一条看跌趋势线正与21日指数移动平均线在28,800–29,000附近汇聚，使该区间成为下一个需要关注的重要阻力区。
The Nasdaq still needs to overcome the sequence of lower highs established since its October peak. A bearish trendline is converging with the 21-day exponential moving average around 28,800–29,000, making this the next significant resistance zone to watch.
若能持续突破该区域，将大幅改善技术面前景，有望打开通往 29,675 点的道路，该点位为 10 月底跌破行情的基底。更进一步，心理关口 30,000 点将重回视野。
A sustained move above that area would materially improve the technical outlook, potentially opening the way towards 29,675, which marks the base of the breakdown towards the end of October. Beyond there, the psychologically important 30,000 level would come back into focus.
下行方面，200 日均线与 28,000–28,100 区域是需重点关注的关键位。若回落跌破该区域，将暗示反弹动能正在减弱。更为紧迫的是，昨日低点 27,847 点构成短期支撑。若跌破该位，将削弱最新多头行情的力度，并增加反弹仅为暂时性回升的可能性。
On the downside, the 200-day moving average and the 28,000–28,100 region are important levels to monitor. A retreat below this area would suggest that the recovery is losing momentum. More immediately, yesterday’s low at 27,847 represents short-term support. A break below it would undermine the latest bullish move and raise the possibility that the rebound is proving little more than a temporary recovery.
简评 从长期支撑位反弹的力度令人鼓舞。但指数尚未给出技术面确认信号，以表明持续上行行情已启动。因此，当前焦点在于买方能否推升指数突破 28,800–29,000 区间。上破将强化看多理由，而跌回 28,000 点下方将使反弹再度承压。在上述任一关口失守前，保持一定程度的谨慎仍属必要。
In Short The strength of the bounce from longer-term support has been encouraging. But the index has yet to deliver the technical confirmation needed to suggest that a sustained move higher is under way. The immediate focus is therefore on whether buyers can push through 28,800–29,000. A break above would strengthen the bullish case, while a move back below 28,000 would put the recovery under renewed pressure. Until one of these levels gives way, a degree of caution remains warranted.
以下是 InvestingPro 订阅提升股市投资表现的主要方式：ProPicks AI 每月提供 AI 管理的精选股票，其中多只精选股本月及长期来看已大幅上涨。Warren AI：Investing.com 的 AI 工具提供实时市场洞察、高级图表分析和个性化交易数据，助力交易者快速做出数据驱动的决策。
Below are the key ways an InvestingPro subscription can enhance your stock market investing performance: ProPicks AI AI-managed stock picks every month, with several picks that have already taken off this month and in the long term. Warren AI: Investing.com’s AI tool provides real-time market insights, advanced chart analysis, and personalized trading data to help traders make quick, data-driven decisions.
公允价值 该功能汇总 17 种机构级估值模型，拨开迷雾，显示哪些股票被过度炒作、被低估或定价合理。1,200 多项财务指标触手可及：从负债比率和盈利能力到分析师盈利预期修正，您将拥有专业投资者分析股票所用的一切工具，尽在一个清爽的仪表盘中。机构级新闻与市场洞察：凭借独家头条与数据驱动分析，抢先掌握市场动向。
Fair Value This feature aggregates 17 institutional-grade valuation models to cut through the noise and show you which stocks are overhyped, undervalued, or fairly priced. 1,200+ Financial Metrics at Your Fingertips: From debt ratios and profitability to analyst earnings revisions, you’ll have everything professional investors use to analyze stocks in one clean dashboard. Institutional-Grade News & Market Insights: Stay ahead of market moves with exclusive headlines and data-driven analysis.
无干扰的研究体验：无弹窗。无杂乱。无广告。仅提供为明智决策打造的流线型工具。Vision AI：InvestingPro 最新推出的功能。它利用专业级市场情报分析任何资产的图表，识别关键时间框架、技术形态与指标 —— 随后在一分钟内提供一份清晰的交易行动指南，涵盖最关键的价位、情景与风险。
A Distraction-Free Research Experience: No pop-ups. No clutter. No ads. Just streamlined tools built for smart decision-making. Vision AI: InvestingPro’s newest addition. It analyzes any asset’s chart with professional-grade market intelligence, identifying key timeframes, technical patterns, and indicators — then delivers a clear trading playbook with the levels, scenarios, and risks that matter most in under a minute.
还不是 Pro 会员？在限时早鸟优惠期间，可享受 55% 折扣。App 用户可点此。网页用户可点此。
Not a Pro member yet? below at 55% off during the limited-time EARLY-BIRD SALE. App users can here. Web users can here.
本文仅供参考，不构成投资要约、建议、劝告或推荐，旨在不以任何方式鼓励资产购买。谨提醒您，任何类型的资产均需从多角度评估，风险极高，因此任何投资决策及相关风险均由投资者自行承担。在 StoneX Trading 阅读我的文章
This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple perspectives and is highly risky and therefore, any investment decision and the associated risk remains with the investor. Read my articles at StoneX Trading