SOXX (semiconductor ETF) backtesting the trendline from below with the 60-min trend indicators still bearish. Looking for a reversal soon, even if SOXX briefly punches above that TL & hits the 173.55 resistance level (first line above) before reversing). Previous & updated 60-minute charts:
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- SOXX 60-min Dec 6th
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- SOXX 60-min Dec 8th
As per my comments on Wednesday when SOXX hit the bear flag measured target + price support, my expectation was for a bounce in the semis which would also result in a bounce in the tech sector which in turn would translate into a bounce in QQQ. The Q’s have now hit the bottom of my upper-bounce range with the 60-minute trend indicators still bearish. As such, the odds for a reversal & resumption of the downtrend soon are good at this point. To keep the near-term bearish case intact, ideally QQQ should remain below 155.80 on a 60-minute closing basis.
QQQ 60-min Dec 8th