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Philadelphia Semiconductor Index Flashes 17% Warning Signal Thursday, BTIG Says

GateNews
MS0.09%
UBS0.56%
According to investment bank BTIG, the Philadelphia Stock Exchange Semiconductor Index (SOX) flashed a technical warning sign on Thursday, potentially signaling a pullback of as much as 17%. The index closed up 3% on Thursday while remaining above its 50- and 200-day moving averages but below its 20-day moving average. This follows 15 separate 3% or greater moves within the past 30 trading days. "The only other periods we have seen this pattern while above the 200-day moving average were February/March 1999 and February to July 2000," Jonathan Krinsky, BTIG's chief market technician, wrote. "While this was too early a signal in 1999, it had ominous outcomes in 1995, 1997, 2000, 2020, and 2024 preceding -17% or worse drawdowns." The SOX gained 22% in May and 11% in June but is down 9% so far in July, despite a year-to-date gain exceeding 80%. Separately, South Korean chipmaker SK Hynix begins trading on Nasdaq Friday, with traders at Morgan Stanley and UBS noting the new supply could trigger significant downside pressure.
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