The SOXX (semiconductor ETF) short swing trade setup posted earlier today will now be added as an Active Short Trade following the break below the 60-minute uptrend line on SOXX as well as impulsive breakdowns below the 60-min minor uptrend lines posted earlier today on SPY & QQQ.
SOXX 60-min 3 March 4th
Price target for this trade are T1 at 174.49 & T2 at 168.15 with the potential for additional targets to be added, depending on how the charts develop going forward. The suggested stop is any print of 194.70 with a suggested beta-adjusted position size of 0.9.
SOXS is the 3x bearish/short semiconductor sector ETF that tracks the same semiconductor index as SOXX. Should one opt to use SOXS in lieu of SOXX, you would buy or go long SOXS & make sure to adjust your position size to account for the 300% leverage (e.g.- A suggested beta-adjusted position size of 0.30).
A video covering the charts of SOXX as well as the largest semicoductors stocks is uploading now & should be published shortly.