Nasdaq composite outlook for September. (Short)This current downtrend which started today likely will take out the gap I indicated on the chart. Markets sentiments are also shifting although the bull trend remains.
SOX
The drop on the markets could be quick. The momentum and volume is drying up and it makes me feel like everyone is already bought into this market. After examining the chart we might as well could face a dramatic and fast drop in the markets. Major increase in margin debt could also be a red flag. People are maxing out their accounts on margin debt purchases.
Short Nvidia.Technically weak as volume is getting dried up. Sellers are gaining momentum. $142 is the target. I will be looking to short on Monday on every pop.
Short NvidiaThe rule of gaps is that they get filled almost 93% of the time. Plus with all the geopolitical issues and it's over valuation I believe there's going to be big drop in this stock in the coming days.
Still think SOX is due a decent pullbackCould continue higher short term, but I think Friday was a precursor
SELL IMOGiving the semi conductor index is overly bought and due for a big correction. I think this is where AMKR is heading.
Semiconductor resistanceSemiconductors have been raging. Their rage is close to an end. They have reached a significant resistance level and should be due for a sharp drop.
SMH - SEMIs above and beyond!Semiconductors have defied the gravity for sure!
They act similar to IBB just before it rolled over.
For now, it is consolidating above a major trendline.
Probably another move up!
