We noted the NDX/SOX roadmap in a post on Wednesday using weekly charts. SOX daily is doing something not very nice at the open. The Semis are a leader for a reason; they are economically sensitive and highly cyclical. The recent Semi Equipment book-to-bill data were a lonely positive in recently poor economic data. But a SOX breakdown would affirm the b2b trend, which had turned down. It’s just an in-day open, but a close in this state could have markets stewing over the weekend. Dow and SPX are inching below their EMA 20’s as of this moment.
Subscribe to NFTRH Premium for your 25-35 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH.