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.
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