The action in the stock market on Friday may have been skewed by the big expiration that day. However, there was still a concrete reason for the weakness in the chip stocks…with the rise in bond yields and the negative news out of Taiwan Semiconductor.
Both the SMH semiconductor ETF and the tech laden NDX Nasdaq 100 Index stand at key technical juncture. They NEED to bounce strongly very soon. If, instead, they decline further, it’s going to be quite bearish for the tech sector…and the broad stock market as well.
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