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Semis Action Signals Potential Q4 Cyclical Advance

The S&P 500 index’s rally caught a lot of investors by surprise as it rallied through 2940, the upper end of the August trading range. For traders, don’t be surprised to see the S&P 500 churn near current levels given there is considerable resistance ahead of 3027. Nevertheless, I continue to view the market’s chart as bullish, with the recent trading range looking more like a consolidation within a long-term uptrend than any top. I expect an upside acceleration by late Q3/early Q4 through year-end.

“It’s not a party without the semis,” they say, and I view the semiconductor industry as one of the market’s most important industry groups as a leading barometer typically for the overall economy. I’ve focused on this group regularly in this space and are revisiting it again this week given the bullish technical action the past week.

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