Look at all these former tech market leaders: LRCX, KLAC, AMAT.. All breaking down hard and straight below their 50 day moving averages. Also, the memory chip names and equipments names: MU, STX, WDC.. All breaking down just as bad, if not worse. These names are usually leading indicators when it comes to semi conductor names which are holding up thus far. As of now, the only momentum semi conductor names to break down are NXPI and CREE. Lets see what happens to SWKS, AVGO, NVDA and AMD. QCOM still looks somewhat strong. If I had to guess, the next chip to fall ( no pun ) will be the semi’s. Perhaps QCOM could be an outlier and continue upward but who really knows. This is just my humble opinion based on the charts.
nonsense! don't expect the price to go up linearly. simply delete the Moving Average so that it wouldn't appear to be breaking down. Chip Equipment names Breaking Down !!! ---> Chip Equipment stocks consolidating !!!
Could be just sector rotation. Also today was the end of monthly options expiration, which can also induce reshuffling. Too early to make conclusions, while when conclusions can be made then it’s already too late.
Internals have been topping / rolling over for some time now. Things don't always happen all at once.
Growth concerns (driven by covid resurgence and supply chain issues as growth peaks) is driving a repricing of risk across the board.
Yup $SOX index TD ROC downhill since end May - also a TD Sell Sequential happened. Currently down at lower BBand :-
Not RSI but ROC = Rate of Change. Which is simply the close divided by the close 12 bars ago. No highs no lows, and especially no averaging of anything which tends to distort data.