Intraday Market Thoughts
Semiconductors, Heads & Shoulders
by
Sep 12, 2023 17:17
If you're no longer expecting a Nasdaq100 breakdown, then here is the classic H&S formation on the Philadelphia Semiconductors Index (whose components include the giants of this year's tech rally). Will a break below the SOX neckline help drag down Nasdaq100 below 14800? Tonight's Apple event and tomorrow's US CPI release are among the powerful drivers for what's to come next. But I suspect the indices won't resolve themselves before the FOMC meeting. We've been short NDX (US100) w/ the Whatsapp Bdcst Group since late last month.
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