A Must-see chart on the Semiconductors, very similar to my SPX count. Just as with the other drop prior, we could see a double top here on the 4-hr. If this has a double top, I might try to find bearish positions in other names such as INTC.
I am simply just re-charting what I've seen on Bloomberg. Link to the video: www.youtube.com/watch?v=YqwETRfE...
I am simply just re-charting what I've seen on Bloomberg. Link to the video: www.youtube.com/watch?v=YqwETRfE...
Comment:
Blue demonstrates a rising channel and black is more the shape of the ascending rising wedge.
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SOX just hit the top again, my guess is that this is a double top on the 4 hour. It will take some days to play out (if so), pending the expected ERs this week and Federal Reserve meeting. I am going to play this position and go short.
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We see leading semiconductor stocks slip while S&P continues to go sideways and float up. Chips like INTC and AMD who've already released their ERs are slipping. If we see major tech ERs bring down the market this week, these stocks could underperform