“The Rally Is Still Working, But It’s Getting Selective”
SOXX remains in a downtrend; technical indicators (price vs 50-day MA, RSI, MACD) show no bullish reversal yet.
Moving through taking a look at semiconductors, another key area within the technology grouping and you can see that we are still in a downtrend. We're on the lookout for not only a move with the SOXX iShares Semiconductor ETF back above that 50-day simple moving average, but we want it to take shape on heavy volume, taking us back to this April period, the sharp uptrend that took place.
Get that RSI back above 50 and then likewise with that MACD, but at this point in time, very much languishing as noted.