SOXX (semiconductor sector ETF) continues to exhibit relative weakness by underperforming the broad market trading mostly flat now after fading over 100% of a nearly 1% rally shortly after the open today . Watching for a break below minor support around 167.70 for a possible catalyst for another leg down to test last week’s lows.. a key support level. Previous & updated 60-minute charts:

QQQ is challenging the 155.80ish resistance level which was mentioned as an important resistance level last week as the bounce from the recent divergent low continues. While I still favor a reversal & resumption of the downtrend, QQQ needs to turn down soon to keep the near-term bearish case alive & well. Previous & updated 60-minute charts: