Changes in trend rarely get cleaner and as well-defined as the distribution taking place in the semiconductor space. The infamous head and shoulders topping pattern is as clear as day in this one. Today we’re looking at the Philadelphia Semiconductor Index, which is the benchmark for semiconductors. This basket of chip stocks appears to be near a completion of a massive multi-year distribution pattern.
This is a weekly chart of semi’s putting in their highs last summer to begin the right side of this topping pattern. This one fits the description [Read more…]