Semiconductors bounced downward from top of parallel channel
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SOXX has been making two parallel channels, and the other day it bounced off the top of the blue one. It's still within the green channel, however, so it's approaching a decision point soon where it will have to choose one or the other. If the fall continues, there could be a good buying opportunity near the bottom of the green channel and an even better buying opportunity near the bottom of the blue one. SOXX and its leveraged counterpart SOXL are my favorite trading instruments, so you best believe I'm going to be watching this closely.
Note
My buy alerts are set at the red lines:Note
Semiconductors definitely got a bump from this morning's news that the US and China are suspending tariffs. So far we are staying within the blue channel, which means there may not be much more upside today. However, watch closely for a breach of channel top.
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