ARTICLE SYNOPSIS...In recent days, the Philadelphia Semiconductor Index (SOX) has enjoyed a mild corrective bounce from its long-term support zone.
ARTICLE SYNOPSIS...The Semiconductor Index bounced with the rest of the market over the past few weeks, but the move looks like a bearish wedge.
ARTICLE SYNOPSIS...The semiconductor index (SOX) is a useful barometer for the equity market and it has remained in a steady downtrend for 2004. Recently the market has enjoyed a sharp bounce upward, perhaps signaling a change in the downward trend.
ARTICLE SYNOPSIS...Conditions are ripe for a bounce as the Philadelphia Semiconductor Index trades near support and becomes oversold.