Semiconductors Hammered
While markets experienced broad selling, it was semiconductors which took the brunt of sellers wrath on weak prospects for the sector. Unfortunately, given the importance of semiconductors at the heart of Technology and therefore, the global economy, there will likely be further repercussions going forward. The near 7% loss in the Semiconductor Index paid no respect to daily support, opening up support levels on the weekly time frame. The 200-week MA has entered the 61.8% fib retracement zone and is a potential target for the months ahead.