Will It Hold?

The SOXX, just closed in breakout position while at the same time, doing it on weak energy.

The prior update noted the volume clue that was thought to be exhaustion.

There was a clue for sure, but it was actually preparation for a move higher.

The question now, is the breakout false?

Semiconductors SOXX, Daily (inverted)

Note: The chart is inverted (upside down) to show the perspective from the short side.

There’s decisive penetration of support (resistance non-inverted). However, the energy, Force Index of that penetration is quite weak.

We won’t know for sure until there’s more price action to show who’s ultimately in control, bulls or bears.

Stay Tuned

Charts by StockCharts

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