Semiconductors Approaching A Major Level
Today the semiconductors index (SOX) was one of the strongest groups up almost 3%.
As you can see in the above 5 year weekly chart of the semis the index is approaching major long-term resistance at 560 which was the high for 2004 and 2006.
After hours intel is down close to 5% so the semis may be under pressure tomorrow, but if they do rally in the coming days watch the 560 level for the SOX.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
8 comments:
Suppose they tank before reaching this level (which I think will happen)? What it would mean from the charting point?
It's really hard to say...
since s&p broke 1546 to downside, are we done with upside? thnx
Kevin, same question as Jay in terms of S&P breaking 1,546 to the downside: are we talking intraday here, or at market close? thanks!
Looks like its only now that the market is taking the subprime mortgage market problem seriously.
Great call on GLD! Hope it will continue to go up.
Speaking of gold, NEM took off their hedges last week. Does that further reinforce the bull case for gold?
So... based on some research, when tech (and maybe finance), specifically semis break out, they usually lead the market to a bull run. Whats your take if that happens with the SOX?
Wow! ...I'll try to anwer the above comments as best I can..
Hi Jay,
1546 was a level I was watching over the short-term if you are day trading. I wouldn't base the market's longer-term direction on such a small consolidation.
Hi Cep,
Not sure what this means for gold but maybe if anything it might be somewhat bullish.
Hi Andrei,
Semis and financials haven't broken out to the upside yet, but if that does happen that would help comfirm a more sustainable rally.
Post a Comment