The semiconductor index has been one of the best performing areas of the market over the last few quaters, and has continued to be strong since the late October bottom.
The index is coming into overhead fibonacci resistance, and with weakening momentum starting to show up, similar to July last year, a pullback here looks likely.
It seems hard to imagine with...
The Semiconductor Index Elliott wave count since January 2022 is similar to the S&P 500.
The SOX rally from the October 2022 bottom appears to be a developing Double Zigzag. The presumed Minor WAVE “C” looks like it could continue higher for one or two weeks.
Nasdaq 100 finished the day in the Red and minus 180 points from the high set in the first 5 minutes of trading
The S&P500, Dow and the Philadelphia Semiconductor Index (SOX) finished positive, but near its lows for the day
Longer Term:
If we look at #1 on the chart it shows that SOX is up 45% from the October lows and is over 20% above its 200 EMA.
The market...
SMCI had its first big crash recently. The original 20% sell off wasn't that big a deal (IMO) but the follow through breaking of 800 was a big deal. If we were in a dip and rip market, 800 was a good continuation point.
Coupled with this we have NVDA breaking first lines of trend continuation. A subtle signal which we'd be wise to not read too much into right...
Trendline to watch!!!!
Indeed, the “SOX” semiconductor index, known as a leading indicator, seems to be showing signs of weakness. Although it has returned to its uptrend line, we can still be wary of Wolfe waves which indicate a possible breakout. Not to mention that major components like “Intel” or “Nvidia” are either very high and overvalued (Nvidia), or have...
Since the 07/31/23 peak SOX has declined in an Elliott Impulse pattern followed by a three wave corrective pattern which is so far a Single Zigzag. In the short-term its possible the rally could continue to the .618 retracement of the 07/31/23 to 08/18/23 decline. If this were to occur it would be a Double Zigzag correction.
After completion of the Zigzag or...
Semiconductor stocks have slid this month, but some traders may be looking for a bounce.
The first pattern on today’s chart of the Philadelphia Semiconductor index is the 2892 level. It was the close on February 22 that was tested and held twice in March. SOX briefly fell below it yesterday morning but rallied back to close above it. The result was a false...
This chart Could be the next BIG issue. the low in oct was a PERFECT fib relationship and two golden ratio in time back to 2009 and march 23 2020 . I am short nvda and have been shorting sox and smh .I feel this is next to just fall apart
When Chips are down; invest if you can and hedge if you must. Having soared in 2020 & 2021, semiconductor shares tanked brutally as tremors from geopolitics, sinking consumer confidence and bloated inventory struck.
Q4 overhang is dragging the industry down in the near term, which might have set a bearish outlook in the short-term, but times are changing....
SOX, as well as the broader XLK, has diverged somewhat from SPY, and remains stubbornly above the 52 week EMA. The red D point is a longer term Gartley target based on a 61.8% retrace from point C.
However, it is still in an Ichimoku resistance area, and has potential to reverse.
Key support areas are;
1) 2854 -2794 DOJI, and potential pivot area
2) 2848-2742...
Lots of requests for SOXL/SOXS.
Finally did some math levels for it. No probability, but just looking at the chart setup here and overlaying the math monthly levels this is what it looks like to me.
Looks like a bearish bird that is flagging. I would be looking for this to break the current flag structure down to the red box (target area).
We also completely...
SOX has been diverging from SPY last couple of days, which is unusual. SOX had 50/200 EMA xover Friday. SOX is extended, could pull back to prior swing high at 2913 (-3.25%) where there is good support. Watch these tech stocks with earnings coming up next 10 days, all daily charts look bullish (except CSCO, which is debatable). All also have positive point &...
Just took out prior swing high (point B). Headed for target (D) of 3041.85.
SOX has successfully reversed downtrend channel, sits above Ichimoku cloud, and will aim toward Gann confluence at 3105 (red Line).
I have no problem with bold predictions, reversals I do well. SOX has historically led out of the gates on reversals. SOX has broken the downtrend, and successfully tested a Gartley retrace. While we still have an Ichy cloud resistance overhhead, I believe the market bottom is in. Will there be another selloff? Likely. However, I believe a new market bottom lower...
Most people know that technology stocks ended 2022 on a weak note. But they may not realize one group started to outperform: chipmakers.
The first pattern on today’s chart of the Philadelphia Semiconductor Index is the falling trendline along the highs of last year. The S&P 500 is currently sitting at similar resistance, but SOX has been above its respective...
