The Chips Are Down
We called the $Philadelphia Semiconductor Index(SOX)$ breakdown weeks ago, and it just hit my first downside target. Here's what comes next...
When it rains, it pours.
The selling pressure is starting to accelerate this week.
It started overnight in Korea, where the KOSPI crashed -11% in a single session. Samsung fell -13% and SK Hynix fell -15%.
Then the US opened, and it was another bloodbath for AI stocks today.
Semis fell -4.5% on the day. At its lows, SOX traded down to $10,799.
That was my first downside target. 🎯🎯🎯
I called for a SOX move down to $10.6k-$10.8k ~3 weeks ago (7/7) in “Chip Wrecked” (-11% ago).
Today, we tagged my $10.8k target (at lows).
Week after week, we have given it to you straight.
We told you last Tuesday’s bounce was NOT a buy, and NOT a reason to get bullish.
We called the downside move in the SOX to $10.6k-$10.8k weeks ago. ✅
Both aged like fine wine on a summer’s night.
So what’s next?
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