… And, The Hard Place

At the support line, it’s a battle between bulls and bears.

That struggle goes on constantly but there are times when the outcome’s especially important … like now.

The daily chart shows the events of the past few days

The up-thrust (reversal), the penetration of support and now, the attempt to ‘spring’.

Semiconductors SOXX, Daily

If there’s a ‘fundamental’ to keep in mind; we’re potentially in the biggest bubble (the A.I. mania) in world history (not advice, not a recommendation).

Even so, the price action is ‘truth’.

Will the ‘spring’ set-up pass or fail?

If the SOXX, gets itself ‘back into the range’, above the green line, it begins to weight probability for more upside.

If it can’t hang on at current levels, posts a new daily low, downside is more likely (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

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