There is a danger that the SOX (Philly semiconductor Index) could be on the threshold of triple negative monthly divergence (High, higher high and higher high in price while posting high, lower high and lower high in momentum)
The last example of that we saw was on the US 2-year yield at 5.26% in October 2023 (trend high)
On the SOX itself we have last seen this in March 2018 and that led to a 27% pullback over the rest of the year.
Prior to that we also saw it in June 2015 leading to a 28% correction over 3 months.
There is also a POSSIBILITY of a bearish outside month at the tend high IF we were to close July below 5,060 (Something that also happened in June 2015)
