The following is an excerpt and an accompanying chart from our Monday April 30th Keys To This Week report.  Keys To This Week is one of a number of different investment research reports we produce for subscribers.


Support/Resistance & Trend: PHLX Semiconductor (SOX) Index.

The orange highlights in Chart 5 below show that the market-leading SOX Index begins this week just above major overhead resistance at 1362, its 200-day moving average which was tested and held last week.  In addition, the green highlights show that more important support exists just below it at 1211, which represents the December and February lows.  How the SOX resolves this major support area is likely to indicate, if not lead, the US broad market’s next significant directional move.

PHLX Semiconductor Index, daily since August 2017

We chose this particular chart for this week’s Research Excerpt because of semiconductors’ tendency to lead the US broad market both higher and lower.

If this major support area in the SOX holds and the index can rally from it, then it is likely to lead the resumption of the larger 2016 advance in the broader US stock market as represented by the S&P 500 (SPX).  If this support in the SOX is broken, however, we will expect it to coincide with, if not lead, a deeper US broad market correction.


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