With heavyweight Intel getting hammered today, the outlook of the broader semiconductor index obviously gets dragged along. The already unconvincing outlook of the past months has taken a turn for the worst by breaking below cloud support at 1299. The minor internal trend line at 1272 is now scrutinized but a move lower seems a mere formality. Focus is on the...
Semiconductors hit a weekly double top at the same level as the 2000 dotcom crash. I went long SOXS (3x semiconductor bear) and long SDOW (DJI 3x bear) in my 401k right before the market closed yesterday. I got lucky as a bought these right before the Cohn resignation announcement which tanked the futures market. I had also gone short 2 DJI futures. I already...
Any new high should create a 3rd Monthly RSI diversion peak. Should be a struggle to break through. There was a reversal spike on the Daily chart for blowout earnings. Also, see a monthly chart of SOX and TXN for similarities.
The pattern is clear. Don't try to buy in and hope it will go up. Wait for the patter to settle.
Bearish rising wedge is formed. We should see a sharp fall next week or two and head towards 990s. Good luck!
This current downtrend which started today likely will take out the gap I indicated on the chart. Markets sentiments are also shifting although the bull trend remains.
The momentum and volume is drying up and it makes me feel like everyone is already bought into this market. After examining the chart we might as well could face a dramatic and fast drop in the markets. Major increase in margin debt could also be a red flag. People are maxing out their accounts on margin debt purchases.
Technically weak as volume is getting dried up. Sellers are gaining momentum. $142 is the target. I will be looking to short on Monday on every pop.
The rule of gaps is that they get filled almost 93% of the time. Plus with all the geopolitical issues and it's over valuation I believe there's going to be big drop in this stock in the coming days.
Could continue higher short term, but I think Friday was a precursor
Giving the semi conductor index is overly bought and due for a big correction. I think this is where AMKR is heading.
The stock is overvalued and overbought on hype. The crash will be as big.
Semiconductors have been raging. Their rage is close to an end. They have reached a significant resistance level and should be due for a sharp drop.