Semiconductor Index At Important Inflection Point


The performance of semiconductor stocks is important for the broad U.S. equity market. Below is a daily chart of the Philadelphia Semiconductor Index (SOX).

It has risen 32.5% in 21 sessions from its mid-October swing intraday low. The Index ended last week right at a downtrend line drawn from the January high. For further advance, it needs to clear convincingly potential overhead resistance in the 2833-2862 zone. On November 10 it gapped up, so the unfilled gap in the area of 2544-2472 may become first support under current index levels, if we get a pullback.


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