The SOX passed through the Upper Bollinger Band and the 50 day moving average today. Due to the low volume on this rally I have to admit I remain unconvinced that this rally is anything more than a Bear Market technical rebound.
From Briefing.com: SOX testing 50-day simple moving average -- Technical --
SOX testing 50-day simple moving average at 363.5 -- on a break higher, look for subsequent overhead at 370, 375 and 382. To the downside, look for notable support on the index at 353. Sector components demontrating relative strength include: MU, AMD, NVLS, AMAT, BRCM, XLNX .
SOX 6 month chart:
stockcharts.com[h,a]daclyyay[pb50,200!d20,2!c20][vc60][iUb14!Uk14!La12,26,9]&pref=G
That being said until the VIX begins to rise again momentum can continue upward for the SOX but the rally is getting stretched to its limits in my opinion.
stockcharts.com[h,a]daclyyay[pb50,200!d20,2!c20][vc60][iUb14!Uk14!La12,26,9]&pref=G
finance.yahoo.com^SOXX&d=c&k=c3&c=^VIX&a=r14&p=b,v&t=6m&l=on&z=m&q=c
RtS |
