One of the more noteworthy developments in recent days has been the move in semiconductor space. The marvelous run of the semiconductor stocks that started in the second half of 2016 stalled in late November amid worries about the end of super cycle. After falling for most of the week, the iShares PHLX Semiconductor ETF (SOXX) rebounded Friday, rose 1.57 percent to 169.80, bringing its YTD gains to more than 38 percent, outperformed the S&P by a wide margin. Now the question is whether the rally has more legs? Below is an update look at a trade in SOXX.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – iShares PHLX Semiconductor ETF (daily)
Our “U.S. Market Trading Map” painted SOXX bar in green (buy) – see area ‘A’ in the chart. SOXX rebounded nicely after last week’s selloff found support near the prior low set in early December. Friday’s rally pushed the ETF up against…Click here to read more.
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