Not Good For The Shorts

As of 7:34 a.m., EST, The SOXX is trading unchanged to slightly higher.

From yesterdays close, with forming a minor spring set-up (shown below), today, there’s only one right answer for the shorts.

That answer: The SOXX, needs to open lower and post lower (not advice, not a recommendation).

More importantly, it can’t post a new daily high or SOXS-24-13, trade will be exited (not advice, not a recommendation).

Semiconductors SOXX, Daily

Price action is still at the edge of the lake, where anything can (easily) happen.

The SOXX, has formed a minor spring set-up but the expectation is for that set-up to fail with a lower open and lower post (not advice, not a recommendation)

Nvidia is scheduled to release earnings after the close.

Stay Tuned

Charts by StockCharts

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The Danger Point®, trade mark: No. 6,505,279