The Software Sector is near a decision point.
Watch the Flag level next week. A close below that could take $IGV down to the long-term Shield trendline. A close above last week's high targets new all-time highs in IGV.
The S&P Futures have broken their short-term uptrend line, and backtested it overnight.
RSI support is in play now. The market's behavior around this RSI trendline during the afternoon will give us a signal on the next move (to 3024, or 2960).
I'm thinking the RSI trendline holds for now, but we won't know for sure until the closing bell.
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...