‘Normal’ Market Action

With implosion of SOXX, components ASML, AMAT, LRCX, and KLAC, a reasonable conclusion is the upside test (about to happen) will be reversed (not advice, not a recommendation).

NVDA, and TSM, are looking to post all-time highs.

The rest of the sector’s acting like it’s ‘thinning out’; capital’s taken out of laggards, funneled into the last-man-standing, the only thing left moving higher.

Semiconductors SOXX, Hourly

Recall from this post, we had:

“Normal market behavior is to attempt a test of the wide bar with retrace action.“

We see in the pre-market (as of 9:04 a.m., EST), we’re trading just above the 50%, retrace level.

While anything can happen, a push above reversal level @ SOXX 240.50-area, is not expected (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

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