Initial Downside Targets Met In SOX, S&P 500

The PHLX Semiconductor (SOX) Index met our 615.00 downside target this morning, first mentioned in yesterday’s (January 6th) report entitled Deeper Decline Coming? Watch The Semis, to capture an additional 3% decline in one day.

Here is the chart from yesterday’s report.

Here is the current chart updated through this morning.

 

In addition, the S&P 500 (SPX) met our 1965 target the morning, first mentioned in our December 9th report entitled Today’s Reversal Warns Of More Near Term Market Weakness, to capture a 69 point, 4% decline in just about a month.

Here is the chart from our December 9th report.

Here is the current chart updated through this morning.

 

For our latest research on the direction of the US stock market, Asbury Research subscribers can see:

• the January 4th Keys To This Week report,
• our January 6th report entitled Deeper Decline Coming? Watch The Semis., and
• this morning’s report entitled Europe Warns Of More US Market Weakness.