Nasdaq and Semiconductors: Reasons for the Plunge and Where It Might Stall 261106
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1 Further decline expected after the rebound
Sean:
I think there will be further downside after this bounce as the market rotates from AI into non-AI trades, as evidenced by SOXX staying flat while the indices rally hard.
I believe that after this round of rebound there will be further decline, as the market is shifting from AI to non-AI trades, because while the indices surged, SOXX remained flat.
Chart: After the post, SOXX broke down and plummeted by ~15%
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2 Good shorting opportunities: ES & NQ
Sean:
I think there'll be good short opportunities in ES1! 7,733.00 and NQ1! 28,699.50 over the coming sessions.
I think ,ES (7,733 at the time of posting) and NQ (28,699.5 at the time of posting) will have good shorting opportunities in the coming trading sessions.
Chart: As expected, ES sold off sharply after the post 
Chart: As expected, NQ sold off sharply after the post
You're welcome
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3 Key level for aggressive bulls in semiconductors
Ariston:
A key horizontal level for SOXL. Aggressive bulls looking to play a short-term bounce can attempt an entry here with a tight stop.
A key level for SOXL.Those aggressive bulls will want to try entering here for a short-term bounce with a tight stop loss.
Chart: The last key level for SOXL bulls
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Chart: After the breakdown, fell by ~45%
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4 Where the sell-off may stall
Ariston:
#NQ A close above the July 29 low would confirm a Failed Breakout (FBO). Failure to find support here could send price toward T2 before the decline stops.
If #NQ closes above the July 29 low, this would confirm a Failed Breakout (FBO). If support isn't found here, prices may dip further towards T2 before the decline halts.
Chart: As of posting
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Chart: T2 reached and provided precise support
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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