SOXX (semiconductor sector ETF) offers an objective short entry on this near-backtest, or any backtest soon, of the recently broken primary uptrend line. Price targets shown at arrow breaks (T1-T5) with a maximum suggested stop, if targeting T5, of a daily close above 372.80, which would provide about a 3:1 R/R on the trade from current levels. Daily chart below.
SOXX daily March 10th
Additional proxies for shorting the semiconductor sector, via inverse & leveraged ETFs are: USD (-2x), TSXD (-2x), & SOXS (-3x). TSXD is a more concentrated (less diversified) play on the NYSE top 5 Equal Weight Semi Index, which consists of equal weights (20% each) of NVDA, TSM, AMD, ASML, & AVGO.
As always, make sure to factor in any leverage factor on an ETF when determining one’s position size (e.g., a half position size for a 2x ETF, 1/3rd for a 3x). Also, remember that the leveraged ETFs will suffer from decay when held for an extended period of time, unless the move in the underlying sector is mostly unidirectional (i.e., a mostly straight down correction with few, if any, green closes during your holding period).