$iShares Semiconductor ETF(SOXX)$ Technical indicators are suggesting SOXX is getting close to a bottom.
It broke under the 14-week trend zone between 490 and 600. The bottom reached the 200 MA. The 465 to 490 area is where it found support seven times before.
Comparing the last big drop bottom from Jul 29 with now: price was 465 then, now 475. RSI was 33 then, now 30.80. MACD was -20.41 by -11.62 then, now -13.59 by 2.78.
A further $10 drop toward 465 could mark the bottom. RSI is already more oversold than last time. One more red candle should bring MACD close to the prior bottom levels. The elevated volume is nearly identical to the day before the last bottom.
$VanEck Semiconductor ETF(SMH)$ $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ $Roundhill Memory ETF(DRAM)$ $Invesco QQQ(QQQ)$
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