Correct. We just hit that first target at 4.65, so if the bear-gods are smiling down upon us, SOXS will gap above that level on Monday after the 3-day weekend (or break above at some point next week), opening the door to T2, which is still 6.91. Best to set sell limit slightly below, if targeting that level & also, correlate all entries & exits on SOXS with the chart of SOXX, in which the support & resistance levels are more important & precise. Here’s the update 60m of SOXS.

I have a few individual AI-related (semis/memory, etc) shorts but mainly using SOXX & may add via SOXS next week, if the bearish case continues to firm up. By that, I mean the majority of SOXX & XSD components that haven’t yet taken out the price and/or uptrend line support levels that I covered in recent videos (several have fallen to & are currently testing those supports now).

With the markets closed tmrw (Fri), even if a few were to close slightly below today, I’d rather wait to see downside follow-through next week. No reason to go home heavily anything (long or short) before a 3-day weekend. Plus, I usually take breakouts & breakdowns with a grain of salt during this abbreviated, typically low-volume, high-whipsaw holiday trading week.

I welcome the question, but not much to update since my last update yesterday:
-QQQ remains within a nearly 2-month sideways grind.
-I continue to favor the remaining 3 price targets (T1 already hit) on the QQQ swing trade based on the 60-m chart from the breakdown below the primary uptrend line off the March 30th low.
-That trade is still profitable (below the initial entry price as well as the last highlighted objective short entry on the backfill of the June 22/23 gap.
-I am currently awaiting & favoring a break below the 705ish support, which QQQ hit & bounced on for several days since Wed of last week. A solid break below that support will likely spark the next wave of selling, while a breakout above the recent (and divergent) high on the 60m chart would lkely lead to a marginal new & still divergent high, which will likely prove to be a failed breakout, if so (not my preferred scenario but certainly decent odds, especially if the 705 support doesn’t break soon)

Regarding the semis, last week’s sell signals that were confirmed at Friday’s close with both bearish engulfing candlesticks on the weekly charts of SOXX & XSD as well as the solid close below the key uptrend line off the March 30th key reaction low on SOXX are still very much intact, keeping the semis on a sell signal.

Basically, no change from yesterday’s update & the fact that the Q’s & semis are down pretty decent today is good for those short positions, but as I often say, a big move (up or down) in a stock, index, or sector, especially when volatility is elevated, may or may not have any “technical significance”. A big move is technically significant if a key support or resistance level is taken or some other technically significant development, such as a bullish or bearish candlestick pattern, a hit & reversal off a key moving average, etc., occurs.

My $NDX & semi shorts are happy today, but no high-fiving here, as I only (mentally) celebrate when a trade hits a price target & profits are booked. Tons of more meat to shear off the bone, especially on the semis, if my analysis proves to be correct. Unfortunately, this movie won’t be continued until next week.