The Semiconductor Index has filled a gap and maintained a series of higher highs and higher lows. So what did I do? Nothing, other than take profits on a couple items and hold SOXX, LRCX and AMAT for minor paper losses (AMAT is to the + again today). I have a now-former subscriber who took exception to my market view that is contrary to Jesse … Continue reading SOX Fills the Gap
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 … Continue reading SOX Breaking Down
NDX is in a sloppy looking pattern, is dropping into a support zone and needs to hold the moving averages to avoid going from sloppy to bearish. Captains like Alphabet, Facebook and Apple are shaky to bearish and obviously valuations are starting to matter. NDX is down another 1+% in pre-market. SOX tends to lead NDX, and it has a potentially more pleasant setup, depending … Continue reading NDX and SOX, a Roadmap
A heads up to anyone who may have gotten bearish the Semi’s per recent analysis or taken the LRCX NFTRH+ short trade. SOX is close to the first downside target (per this post) today. That target was 605, and SOX is currently at 605.46. I think the Semis are going lower, probably to the big picture support level of 540 to 560. But as noted … Continue reading NFTRH; SOX Nearing 1st Target
Say, how bearish does the SOX look to you? I didn’t think so. That ‘Handle’ is indicated to have been a consolidation of the big ‘V’ pattern after all that hype in October from one damned company (Microchip Technology) that was billed by the street as a canary a coal mine. Well, the market wigged out, we called it b/s and then MCHP came out … Continue reading Semiconductors Updated
Way 1 is the short-term view showing the wild recent history of a huge drop, instigated by one chip company’s dour projection and then a whole media hype pig pile. The target is 750 based on this pattern, roughly corresponding with the NFTRH+ target of 40 on Intel. Way 2 is the big monthly view, which we have been using since starting to get constructive … Continue reading SOX Index, 2 Ways
The Semiconductor index is tapping the EMA 10 (gold line) again. This has supported two previous blips. Let’s see how #3 goes. Continue reading SOX Daily
