SOX trade ideas
Philadelphia Semiconductor index/SOX: Bump and Run?!(Be careful)Hi traders,
Buy stock.
but... be careful.. Bump and run..
SOX - A Tale of Three ChannelsPretty 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 decent support at the old resistance Downtrend line.
(2) - Looking for a move higher and possibly a fake break above the Growth Channel.
(3) - Pull back to and retest of the 2018 ATH
(4) - If we reach these levels we would be looking for some confirmation by either moving higher within the Growth Channel or a break above.
(5) - Probably a good chance of testing lower after these levels. Probably a return to lower Growth Channel band.
Time Frame: 1-6 Months
SOX - long- any correction in sight ? slightest slip and the SPX will take it the other way...
Markets are beautiful.
Semiconductors - almost to the 5th wave down. LOAD UP on SOXSSemis swinging nicely in this range bound pitchfork. Volatility increase near the outer bounds, and we are almost there. Clear 5 wave count to conclude at the long term bullish trend line. This is my short term trade to the downside using SOXS 3x bear, and will reevaluate my next move when this target is hit. There's still a long term bull target on most indexes (including Semis) that has not been hit. I'm keeping that in the back of my mind, but for now staying bearish on this move. Ignore the time based fib if you want. I rarely use it, but it helps fit my narrative for now.
SOX - - undecided- semis look better than housing (HGX) - and it seems that we still have a chance for tech sector to grow
- Weekly RSI did not violated the 30 level
Semis are starting to do better PHLX / SoX indexnot a clear sign on long term yet... short term things may go well for certain semis.
SOX long termAlthough I rarely trade the semis anymore, I always watch them as leading indicators for the rest of the market. Currently holding LRCX puts. A lot of bullish sediment this last week however the bulls are still yet to undo a lot of the technical damage done by the bears this year. On the chart I have highlighted some key areas to watch. Remember this is a monthly chart so trade accordingly.
A bullish take on SemiconductorsHere's a ratio chart of semiconductors versus the SP500 which suggests that we could still expect some decent upside from semiconductors and technology in general despite it's out performance over the last few years. It's too early for me with this one but I will be looking out for any decent moves upwards.
Consolidation time, SOXLooks like a big drop coming. Uptrend broken and looks like we are in a diamond reversal pattern. Targeting the previous lows at least, and expecting sideways chop after that.
CORRELATIONS - Nasdaq and PHLX Semiconductor IndexWatch the correlation between Nasdaq Index and Philadelphia Semiconductor Index
PHLX SEMICONDUCTOR SECTOR INDEX_Daily_Possible SELL below 1340Update: 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
PHLX SEMICONDUCTOR INDEX_SOXX_Daily chart_Head and shouldersPossible bearish head and shoulders with direct consequences on USA equities first and world global indexes in general
SOX: not the best looking H&S dailySOX 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.
