Semiconductor Index (SOX) leadership under stress

Semi led Tech in Q4, 2022 and Tech led the broad after that, but now the Semiconductor index, the leader, is showing signs of weakness

Is the negative divergence in momentum in the nominal Semiconductor index a concern? I guess we’ll find out soon enough. SOX has been declining for a month now measured in NDX and SPX units. The leadership trend is still up. But again, the momo divergence on the Semiconductor index is something to keep an eye on. Stocks, ETFs and indexes often survive these divergences just fine. But then there are the other times.

Semiconductor index (SOX)

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