Technical Analysis: Another Test For The Chips
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Looks like the semiconductor sector (first chart below) is headed for another test of the critical 433 support zone. The index has spent the entire year in a downtrend after peaking in early January. The Nasdaq (second chart) continues to struggle at 1940-1946 resistance. A move above 1946 would be a big plus for the techs. Support is 1930, 1921, 1913 and 1897-1900. The S&P (third chart) has support at 1106-1107 and 1102-1103, and resistance is 1116, 1118 and 1123. The Dow (fourth chart) faces resistance at 10,257-10,280 and 10,307, and support is 10,230, 10,195, 10,162-10,175, 10,121-10,134, 10,093 and 10,074. Finally, July 14 is an unusually positive day, up 82% of the time historically. It would be something else if the techs kept that streak alive tomorrow.