some continuation followed by consolidative move in semis
Updated
semiconductors are on an upward trajectory,and a sell the news event has marked new highs in 3x leveraged semiconductor bull etf SOXL. as long as we remain in this uptrend the market will have no trouble with a third drive to the upside, but during which i would be looking for signs of exhaustion, as some kind of daily topwick could form around rhe $20 area. if we get movement above this supply zone the chart will look more bullish, but closing the gap and pivoting to an hourly equillibrium in an overbought area rsi. that being said a higher supply could take a day or two so as long as sundays numbers are positive or negligible loss nq1! semiconductors should find a local extreme to the highs early or mid next week and consolidate. upper horizontals are stiff resistance, and lower horizontals are areas to be explored for short candidacy.
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as is apparent on the 5-15 minute chart there is a strong uptrend related to semiconductors gaining weight against big tech, and those numbers correcting bullishly.price should fall in line with these patterns, two of which are bearish, and all of which lead to higher prices first.
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this is whatcould happen long term
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