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The semiconductor sector experienced a significant downturn, with the SOXX index falling by 10% over the past week. This marks the worst one-week decline for semiconductor stocks since March 2020, during the Covid-19 pandemic. The selloff has been driven by weakness in tech stocks, which have dropped over 5%, and follows a period of extreme optimism and bullish consensus. Large-cap leaders, including $NVDA, $ASML, and those in the Mag7 index, have seen significant retracements. Analysts predict a potential relief bounce in semiconductor stocks, while small caps may see a retracement that continues through the year. Other related indices such as $SMH, $SPX, $NDX, $RSP, and $IWM are also under pressure.
Learnings and conclusions from this week’s charts: 1. The S&P 500 selloff is just under 3% so far. 2. The selloff is driven by tech weakness (>5% down). 3. This follows a period of extreme optimism, bullish consensus. 4. Pressure points (macro, value, sentiment) highlight…
Major Market Reversal Patterns In Place As Semi-Stocks Final Crack https://t.co/aEytApeTje #Stocks: $NVDA #Macro: $SPX, $NDX, $RSP, $IWM
Semis had their worst one-week decline since March 2020 (Covid) I expect the following: - Semis: We get a relief bounce in semis - Small Caps: a re-tracement in small caps (which then continues thru year end) as this went from oversold to overbought quickly - Shorted names:… https://t.co/HCQsJRFKNn