• Good morning, everyone, and welcome to Wednesday morning. .
• It's Stephen Whiteside here from theuptrend. .
• com. In this morning's presentation, we're .
• going to take a look at semiconductor stocks. .
• The reason I want to look at it today is .
• just at the start of the year, we posted monthly price target charts, and of .
• course, we always talk about two lines up and two lines down. .
• That's your playing field. .
• We've made it up to the 5,000 level, and we traded above that over the last couple .
• of days and closed just below it yesterday. .
• We've made our way up to a major target, .
• and we're up over 19% a year to date for the SOX index. .
• Now, when we look at the Daily Panic Zone chart for the SOX index, you can see we've .
• had a bunch of early warning signals that ended up giving us a pullback. .
• No major pullbacks, no major breakdowns. .
• In fact, if you draw a line from the October low, we've got a nice uptrend, and .
• so far, the market is willing to buy the dips. .
• Now, We could get a pullback here to the .
• uptrend line, and we'll have to see if the market wants to continue to buy the dips. .
• If they don't, our Panic Zone chart is .
• actually projecting back towards where we started the year. .
• That could It's not going to happen at some point. .
• It's not going to happen on Wednesday morning, that's for sure, but we do have a .
• couple of early warning signals up there at the top of the screen. .
• So far, it hasn't done too much damage to the SOX index or the chip sector. .
• Now, not all chip stocks are winning in 2024. .
• When we look at Wolfspeed, we're down over 32% year to date. .
• Axcelis is down over 12%. .
• We've got GlobalFoundries down nearly 10% for the year. .
• We've got Intel down a little over 8% so far, year to date. .
• It'll be very interesting. .
• If the DOW ever decided to swap Intel out .
• and put NVIDIA in, that would certainly be a major change for the market. .
• Now, Of course, if you're not a stock picker, you may want to watch the ETFs, .
• and they're certainly some of the most actively traded ETFs on the planet. .
• The SMH gives you the SOX index without any extra volatility. .
• And of course, what I like is the SOXL, which is the 3X Bull ETF. .
• It is currently on a buy signal, of .
• course, and we're looking for close on Wednesday below 45. .
• 64 to give us a new daily sell signal. .
• Now, what's working? .
• Of course, everybody knows NVIDIA is still the big winner. .
• It was the big winner last year. .
• It's the big winner this year, and we're up over 86% year to date. .
• On Wednesday, we're coming into Wednesday's trading action. .
• We are still trading above the upper channel line. .
• Things would change on Wednesday. .
• If NVIDIA were to close below $830. .
• 63, of course, our next major target to .
• the upside is $1,000, and the market may want to move .
• all the way up there to tag that level before pulling back. .
• Now, Coherent is the next best-performing chip stock year to date, up over 45%. .
• It's traded in the channel for the past couple of days, so a close on Wednesday .
• below 6,164 would give us a short term sell signal. .
• Taiwan Semiconductors is up over 41 %. .
• Then looking at Advanced Micro Devices, up over 40 %. .
• We've been in the channel for the past couple of days, so a close below 195. .
• 09 on Wednesday would give us a sell signal. .
• And then last up, we're looking at ASML. .
• It's already on a sell signal as of Monday's close. .
• We traded higher yesterday, so a close on Wednesday above $995. .
• 38 would give us a new short term buy signal. .
• We're up nearly 35% year to date. .
• Of course, the charts we're looking at in .
• this presentation I have mostly been daily rightside charts. .
• Of course, if you're a longer term .
• investor, you want to ignore those charts and focus on the weekly charts. .
• You can see ASML is nowhere near a weekly sell signal. .
• This coming Friday, if AMS sell were to close below $827. .
• 85, that would give us a new weekly sell signal. .
• And of course, if that doesn't happen, and we're not expecting it to happen this .
• week, that lower channel line is going to continue to move higher weekly. .
• Okay, folks, that's all I wanted to cover in this presentation. .
• Again, the reason for the presentation is .
• the SOX index hit a major milestone of 5,000. .
• We have been able to trade above it for a couple of days. .
• We'll have to see if it .
• turns out to be long term resistance for this sector of the market. .
• Otherwise, the market may want to wait .
• until NVIDIA moves all the way up to $1,000 before taking a major break. .
• Enjoy the rest of your day, folks. .
• Next time you'll hear my voice is on Thursday morning, and at that time, we're .
• going to take a closer look at Canadian Energy Stocks. .