SOXX (PHLX SOX Semiconductor Sector ETF) is currently backtesting the primary uptrend line from below, offering an objective add-on or initial short entry. Previous notes & charts on the SOXX/SOXS Active Swing Trade can be viewed here.
SOXX daily April 19th
Note: The primary uptrend line has been slightly modified (lowered) since the previous posts. The previous TL draw would allow for a little more upside in SOXX before a full backtest & either TL draw could be valid. Not that it should have any bearing on anyone’s decision to open or add-to a short position on the semis but I just added short exposure to the semiconductor sector, including a few individual stocks which I’ll post chart on asap, as it still appears to me that the semiconductors are poised for a substantial correction in the coming months.