Notice how the 5sma has been resistance for the SOXX for the past 12 trading days (red oval).
This tells us that short-term, SOXX has to break the 5sma to get out of its current down-trend.
The purple line is the 50sma, which is now also resistance, as we crossed below it, and is now touching the 5sma.
This tells us that short-term, SOXX has to break the 5sma to get out of its current down-trend.
The purple line is the 50sma, which is now also resistance, as we crossed below it, and is now touching the 5sma.