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Initial Downside Targets Met In SOX, S&P 500

Posted on: Thursday, January 7th, 2016

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.

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PHLX Semiconductor Index daily since August

Here is the current chart updated through this morning.

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SOX Index as of 10:00 am ET today

 

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.

S&P 500 daily since

S&P 500 daily since August

Here is the current chart updated through this morning.

S&P 500 as of 10:00 am ET today

S&P 500 as of 10:00 am ET today

 

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