Nvidia falls from its "pedestal"? Xiaomo warns that the Philadelphia Semiconductor Index is showing a clear "head shoulder top structure" trend. The US stock market started poorly in September, and concerns about US economic growth have once again risen. Last week, market volatility significantly increased. The weakness of technology stocks has attracted widespread attention, with the Nasdaq falling more than 5% last week, Nvidia's market value evaporating over $400 billion, and the Philadelphia Semiconductor Index remaining sluggish. JPMorgan warns that the deterioration of technical indicators may indicate that the adjustment is far from over, depending on whether concerns about the US economic outlook can quickly improve.