Hi traders, Buy stock. but... be careful.. Bump and run..
Pretty clear long term channels dating back to 2000 and 2003. Plus a steeper near term growth channel has formed between two uptrend lines, confirmed with multiple touches. Looking for SOX to step up into new highs and for much of the past resistance to become support. (1) - Looks as though this move down may have already occurred this week and we found some...
Over the past week, my tone has switched a little more bearish. I was advocating for a blow-off top in equities before this cycle ends, however, on a second look at the data the leading indicators are continuing to show weakness over the coming 6 months. Certain aspects of the economic data are positive however, which makes it difficult to be outright bearish or...
Woould love to hear your perspective in the comments section below!
Although earnings are set to grow by 75% this year, AMD has rallied roughly 30x off the 2016 low into the highs in 2018. There is currently a disconnect between perception and reality with p/e at 75 and p/b at 19.
You know what to look for. Pretty straightforward.
Watch the correlation between Nasdaq Index and Philadelphia Semiconductor Index
Update: possible sell momentum below 1340. If WS will openwith a gap down, i will wait the recover and will seek the best prices near 1340
Semiconductor chips has broken above the horizontal flag it's been in since the strong rally off recent lows. The index ETF charted here, SOXX, was up over 13% from the 4/25 to 5/14! Today breaking out above resistance around $188, SOXX is up nearly 1% and with steadily increasing bull volume last few days. Roughly speaking, looks like the SOX is in an ascending...
Could be continuation, buy maybe not, who knows.
Intraday setup
SOX break down doesn't bode well for the markets. The day isn't over so will need to see how it closes over the next 1-2 days.
It is quite obvious central bank money printing and suppressed interest rates caused this bubble. This pattern is playing out two decades later all over again. Good chance SOX and everything in it. ie NVDA are going down -30-50% minimum a year or so from now.
$amd $soxx $soxl $soxs $nvda I'd love to see AMD back at 9.70-9.90 for the ride back up. Has been a beautiful symmetrical/descending triangle. If it breaks out above in coming weeks/months, expect the price up to 17-19.. before descent back to test breakout level of sym. triangle.