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Daily Market Commentary: Semiconductors Crack as Markets Pause

By Chart School
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Daily Market Commentary: Semiconductors Crack as Markets Pause

Courtesy of Fallond Stock Picks 

In the end it was a clean break; semiconductors gave up nearly 2% and the last hope for a bull trap went away. The nascent CCI ‘buy’ signal disappeared with the losses – it’s looking ugly for the semiconductor index.

($SOX) 

via StockCharts.com

While trading volume rose there was little change in the end-of-day price for the rest of lead markets. The S&P finished with a small (indecisive) spinning top and remains on course to test channel support.

($SPX)

via StockCharts.com

The Dow touched its rising channel support

($INDU)

via StockCharts.com

The Nasdaq continued to toy with July support as it closed with a spinning top. But today’s action in the semiconductor index suggest the breakdown is going to happen soon. 

($SPX)

via StockCharts.com

Even if markets were to rally it’s unlikely going to be enough to reverse the break in the semiconductors – and this is the worry for the markets. 

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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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