The leading semiconductor stock, INTC (Intel Inc.) is being sold hard following last night’s earnings although the stock was already in a bearish technical posture following the powerful June 11th breakdown & sell signal.
INTC daily July 24th
The smackdown following last night’s earnings has taken INTC back down to the primary uptrend line on this weekly chart (support).
INTC weekly July 24th
With the industry leader now clearly entrenched in a downtrend, as this post-earnings drop now clearly the third wave in a downtrend that kicked off with the June 5th divergent high followed by the very impulsive & solid breakdown & sell signal on June 11th, I’ll be watching SOXX (PHLX Semiconductor Sector ETF) for a solid break and/or close below this uptrend line / rising wedge pattern for a sell signal on the semiconductor sector, with some potential (and unadjusted) targets on the daily chart below.
SOXX daily July 24th