We looked at ’em pre-market and now I have removed my drawn-in candles as the market’s actual candles have blown them away. Here is what is going on.
INDU is breaking its neckline and turning RSI green (50+, RSI 14). A trend line lurks above.
SPX is poking a trend line that kept me short (SPY) on the last big bull rush earlier in the month. It also has turned RSI green.
NDX is bashing against the SMA 50 and is also RSI green.
Let’s throw in the star of our show, the Semiconductor index. SOX is rising hysterically, almost as if it thinks AMAT means something and that the SEMI book-to-bill due out later today might be positive again (all of which we anticipated).
Here are the weekly views of the former and would-be future leader, SOX vs. SPX and NDX.
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