On today's trade optimism and extremely positive jobs data, the SOXX semiconductor fund moved up through a trend line and looks to be ending its day right atop a volume support node. This should bode well next week, although with the SPY at a resistance level, we will need the news to stay good over the weekend in order to move higher Monday.
SOXX has been making two parallel channels, and the other day it bounced off the top of the blue one. It's still within the green channel, however, so it's approaching a decision point soon where it will have to choose one or the other. If the fall continues, there could be a good buying opportunity near the bottom of the green channel and an even better buying...
SOXX is currently breaking out of its triangle formation, which would theoretically be bullish, but unless it retests the top of the triangle as support and bounces, this is a false break out. There is a gap to fill, so we have room to at least test that support line. But most importantly, the RSI is not confirming the new high showing that this is most likely a...
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.
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...
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).
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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..
