Semiconductors are pulling back from Price and RSI Flag Resistance Levels. This is the same chart that I posted earlier this week.
Breaking yesterday's low could send $SOXX to the 18 day moving average. I will probably buy that and Flag support, which will be near $209 later next week.
A break of Flag Resistance or Flag Support on a closing basis unlocks a much...
SOXX is on the verge of a major breakdown, much like the one that lead to the melt down in Q4 of last year (followed by a ~20% drop after the trend break). However, we are not there yet because we are resting on support. The main, long term pattern we are looking at is a bearish rising wedge. Within the wedge we also have a symmetrical triangle which was entered...
-Manufacturing PMI < 50
-Expect Semiconductors to under perform the market.
-Sector roatation out of cyclicals.
Cons:
-Still in a downtrend.
-No moving average momentum.
-No trendline breakout.
SOXX ETF has been forming a nice ascending triangle since January. Using the Edwards and Magee 3% entry rule we have an entry at $227.48 a measured price target of $279.89 and an entry stop at $204.06 giving us a R/R of +52.41
Four times was rejected at the same area, and volumen has been drying when it wants to resumen the uptrend, i don’t have a position but in a macro view and don’t like this type of action.
Trump has said many times before, he did not want a "partial" trade deal.
There seems to be real volume and buying, sending the whole market to highs.
There is a possibility that this "partial deal" is just a delay of tariffs (october 15th, and December?) and buying of agricultural products (soybeam, pork). Which we have seen before, unfortunately, to mean...
iShares semi-conductor ETF (SOXX), on Thursday had its largest inflow of the year with more net inflows on Friday.
I would prefer entry at $194 - $195, but I am getting long at $198.43 with a TP of $220.
The ascending triangle is one of my favorite chart patterns. To confirm a breakout, we need to enter the corner of the triangle and then break above the previous high that forms the top of the triangle. A confirmed breakout usually results in a move about half the height of the triangle, or about $9 per share in this case. One nice thing about this chart pattern...
They say it's really hard to beat the S&P 500. I really don't think so. This chart doesn't show the performance of the semiconductor sector. It shows the *difference* between the semiconductor sector's performance and the performance of the S&P 500. This sector has consistently outperformed, even this year, when the sector faced major headwinds from flagging...
Trump and Xi Ping have come to a tariff truce at G-20 this weekend.
Trump is now using Huawei (previously blacklisted, banned, etc.) as a bargaining chip, allowing TEMPORARILY, U.S. companies to continue doing business with China's Huawei.
Here is a list of Top 20 U.S. based Huawei suppliers. I believe most of them will rally this month (July 2019).
-...
First Fib - December 26, 2018 Lows to April 24, 2019 Highs
Second Fib - April 24, 2019 Highs to May 29, 2919 Lows
We can see a very clear neckline @ approx. $174.94. Assuming the width of the shoulders are perfectly symmetrical, we could see a break of the neckline within 28 days, however, Powell's rate cut decision will either accelerate/nullify this process..
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SOXX
