With a decline of 2.2% today, the Philadelphia Semiconductor SOX index has broken below the bottom of its sideways trading range that it has been in for the last 12 months.  This is a brutal breakdown of support that’s suggestive (at least based on technical analysis) of a new downtrend forming in the coming months.  The semis aren’t quite viewed as the “leaders” they once were back in the 90s, but their breakdown today should still be disconcerting for market bulls.

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