Im waiting for SOXL RSI to hit above 70 this week and im getting puts 2 weeks to a month out. Easy.
Chip Stocks Are Setting Records, But This Hidden Chart Pattern Says Momentum Favors The Bears
The SOXX's RSI indicator has fallen further below the overbought threshold despite prices making record highs. Visitors watch a wafer shown on screens at the Taiwan Semiconductor Manufacturing Company Renovation Museum at the Hsinchu Science Park in Hsinchu on July 5, 2023. Some bearish signals are popping up around the hot chip sector.There's a tendency to watch for what something can do, to determine its technical bias. But at potential turning points, what something can't do is often more meaningful.There's a Wall Street saying that there's nothing more bullish than a record high. And on Thursday, the iShares Semiconductor ETF SOXX shot up 6.6% to a second record close in the past week, and the fourth record this month, despite concerns over valuations after a 112% run up this year.Despite the continued climb to new highs, the SOXX has suffered five down days over the past 11 sessions. "Momentum is clearly waning," BTIG technical analyst Jonathan Krinsky wrote in a recent note to c
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