The SOX is often considered as a strong leading indicator, so monitoring its evolution is always a good thing to do.
For the moment, the SOX is slowly but steadily retracing, the first level of support on the DLY chart is the TS at around 3846. Breaking that level may push the price to the KS. If the KS break, than we will have a clear short/medium term bearish signal.
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
For the moment, the SOX is slowly but steadily retracing, the first level of support on the DLY chart is the TS at around 3846. Breaking that level may push the price to the KS. If the KS break, than we will have a clear short/medium term bearish signal.
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **