Semiconductor Index (SOX) Update

Boosted by NVDA?

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Semiconductor Index – SOX

  • SOX was boosted by NVDA gains but may be nearing a top of significance.

  • It is struggling with the red trendline emanating from the 2022 high.

  • It has a target slightly higher. So, we may see an overthrow of the trendline toward the target and a quick reversal.

  • Technical indicators are negatively diverging, which adds to the bearish potential.

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