The PHLX Semiconductor (SOX) Index turned on a dime the very next day and has since risen by 6%. Meanwhile, the broad market has already risen to new all time highs as of last week, way ahead of my initial expectations. I pay special attention to semiconductors because they, along with other high flyers like biotech, tend to lead the U.S. stock market both higher and lower. The red highlights show that the SOX spent last week negotiating overhead resistance at 1150, which is the index’s June 9th benchmark high. Copyright 2017 Asbury Research LLCA sustained rise above 1150 resistance this week would clear the way for another 6% rise to reach my target.

Source: Forbes September 23, 2017 20:51 UTC