The SOXL (3x bullish semiconductor ETF) Active Short Trade, along with the 1x semi etf, SMH and the 800 lb. gorilla of the sector, INTC (Intel Corp) have all broken down below these 60-minute uptrend lines. As the semis often lead the tech heavy Nasdaq, I’d expect that if these scenarios play out, the semis will most likely drag the $NDX/QQQ down with them.

 

TQQQ is also an Active Short Trade so I’ve included the QQQ 60-minute chart below. Unlike the SPY/$SPX, which did go on to break below the 60-minute rising wedge posted yesterday, QQQ has yet to break below it’s comparable 60-minute bearish rising wedge pattern although that appears likely to happen soon as well.