if critical support provides meaningful buy volume and we close the week near the highs then semiconductors, and the broader market could exhibit a bounce here towards lower 36s. if we see another wave of selling down at these levels were probably blowing through that support on the weekly trending toward upper 16s taking the market with it as semiconductors are a lead bear. keep TRAMA from sinking and come out of oversold STOCH and we could diverge bullishly. if things head for continuation it is likely more bearish.
Trade closed: target reached
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if you were short the past couple hours this is an area for profit taking
Trade closed: stop reached
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stopped out of shorts all cash as we look at the bounce
Comment
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any way you slice it semis are at a lower extreme, and this should mean coming out of oversold. anything under mid 25s is just a daily lower high, and after that were still working on low 34s and mid 36s to take on a weekly bounce
@elenaec, happy to hear theres at least one enthusiastic person. are you holding puts, short SOXL, or long SOXS?
elenaec
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@cerealpatterns, entered soxl long at 28-29 it went to 30-31 i missed the chance to sell but i'm pretty confident in soxl will go up long term , it may reach 17 -16 k too but i'll buy more , i like BULZ also it has 15 of the best stocks aapl, amzn, zm was replaced by Qcom, , it has crm, Fb, google intel, MSFT, MU, netflix, nvidia, paypal, SQ, tesla, AMD
cerealpatterns
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@elenaec, many are thinking now is the time for daily bounce in semis