SOXL At a crossroad
Almost at the top of consolidation. What happens next could very well influence not just the chip sector but The QQQ index too
Noticable Names inside this ETF
INTC
AVGO
NVIDIA
AMD
TSM
Qcom
I wouldnt be convinced with a breakout unless we get over previous highs around 48$
2 reasons im not convinced of a breakout coming this week
1. The volume! we are carrying 40% less volume than we were back in the spring when chip shortage news started widely circulating.
2. Most of the biggest weighted chip makers have already had their earnings and with it i dont expect any new highs from NVDA, INTC or Qcom.
Noticable Names inside this ETF
INTC
AVGO
NVIDIA
AMD
TSM
Qcom
I wouldnt be convinced with a breakout unless we get over previous highs around 48$
2 reasons im not convinced of a breakout coming this week
1. The volume! we are carrying 40% less volume than we were back in the spring when chip shortage news started widely circulating.
2. Most of the biggest weighted chip makers have already had their earnings and with it i dont expect any new highs from NVDA, INTC or Qcom.
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