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...
75% retrace upward from A to C, but there is much resistance at the 50% to 38% Fib, as well as 200 MA. However, there is a solid flag forming, which could spring an upward surprise.
We recently wrote about semiconductors from the perspective of capital spending and government policies aimed towards encouraging further capital spending and ultimately semiconductor independence. However, we’d be remiss to not at least touch on some of the current geopolitics. A simplified look at the semiconductor supply chain If one simplifies a rather...
It seems we are heading towards the dot com bubble highs. This is great support and will serve for the next build up.
Price has broken the neckline and this level has been tested and passed the test as a level of resistance since the break to the downside. This tells me it may be a valid neckline as sometimes a neckline is hard to pinpoint. Not a super clear downtrend, yet. There are levels of support under price and I did not draw them all. I also see a divergence, bearish,...
THE CHART POSTED is that of the sox index if there was support this would be it for a wave B LOW
We now have an invented head n shoulder bottom and a wave 4 pullback look for a rally DO NOT BE SHORT ANYTHING
The Philadelphia Semiconductor Index ripped about 29 percent between early July and early August, but now it may be showing signs of fatigue. The first pattern on this chart is last Thursday’s peak of 3087 -- slightly below the early June high of 3159. That lower high is potentially noteworthy when compared with the broader Nasdaq-100, which pushed above the...
Well recession started since Q1 and yes, Q2 will be ugly too Considering lowering of bitcoin. Considering lowering of Nvidia+AMD stocks earnings Considering lowering of TSMC, ASML earnings + end on market multiple Then Sox have to sink deeply to 550. The lowest value in 2009 is 168 so it's still 3 times higher than the lowest point and rich will remain rich....
$SOX has long been the growth engine of the $SPY. It has now entered a bear phase, being well below the 12 month SMA on the monthly chart, which now serves as resistance. We may be witnessing a paradigm shift in the market, where commodities, precious metals, and staples lead the market and the old growth stocks, lag. I hold no hope out for semiconductors at the moment.
All indexes have now rallied back to drop the put/call and to peak in the time cycle peak march 25thn I maintain we are going to drop very hard into april 7/10
SOX continues to set lower lows. Two scenarios, one (green zig zag) is a reversal into cloud resistance to 3544. This would be a 78% extension from low point C. The other scenario (red zig zag) would be a 1.78% extension from point B. The RSI is in a solid downtrend, and the point & figure chart on the daily has a target of 3001. If I were waging bets, I would go...
SOX made a new swing low on 1/28, and is headed for point D on the ABCD. That is 3033, and not far from the P&F target of 3001....
Secretary of Commerce Gina Raimondo: “The semiconductor situation is going to take a long time to fix” “This is one I feel confident saying it's not going to be fixed in a month or two, or six, or 12 months.” For now PHLX Semiconductor (^SOX) is oversold and we can see in the chart what was the price movement after the last oversold area. I expect to be the...
I have been waiting for a long while for SOX to fill that gap at 3592.76. Closed today at 3612 on the daily, and gap fill would put it at the bottom of Ichy cloud support, and just below 50% fib. Note the Gartey extension D at 1.38 right on the gap fill line. Should get a bounce from point D, and remember, SOX most always leads SPY....
We have ended into a Month in history with the highest level of major market tops outside of late aug 17 to sept 10 thru out the markets history . at THIS POINT and the wave structure as well as fib relationships within the the wave structure . I can now say we are setup for a CRASH cycle I think it has started and will see it over the next...
As I keep saying, the SOX is truly considered as the market barometer. And today, pre-US market open we have a clear engulfing candle that is also breaking the the Kijun Sen. Do we also have a double top? Of course, the candle still needs to close but nevertheless, it worth pointing it out for today's session. Trade Safe, Trade Smart! Glossary : TS = Tenkan...