Will Head And Shoulders Pattern Send Semiconductors Index Deep In Red?
2022.04.12 19:01
Today we share another important chart for the Semiconductors. Why? Because they are a market leader that has fallen on hard times this year.
And as you may have noticed, we always bring to light the latest reversals and key tests of support/resistance in an effort to highlight potential trend changes.
Just last week, we shared a chart 2-pack looking at key trend line tests for the Semiconductor ETF (NASDAQ:SMH). Today, we look at a harrowing pattern for the Philadelphia Semiconductor Index.
SOX Weekly Chart
In the “weekly” chart of the $SOX, we can see that the Semiconductors Index has formed a head and shoulders pattern over the past 9 months. If this read happens to be correct and support fails at (1), the SOX Index could experience a lot of red going forward.
Time to watch the leader of all leaders for the past decade-plus. Bulls better put up a fight, or it could get ugly in tech land. Stay tuned!
