Well, look who’s back in his leadership channel.  The Semiconductor index, which led the recent market turmoil, is back up into the post-2012 channel.  We noted this over the weekend in NFTRH 359 and the leadership status is only firmer now.

“I would like to close the segment with a nod to the bull case. The SOX has been a great market leader. It led the extent of the post-2012 bull cycle and it led the recent mini-crash. As a point of consideration, SOX-SPX bounced during last week’s bearish broad market activity. In fact, it bounced right back up into its former leadership channel. This is now back on radar as an inter-market indicator. It is supportive of a resumed bounce.”

As for nominal SOX, NFTRH 359 noted [chart omitted]…

“Nominal daily SOX has gotten resisted by the mid Bollinger (MA 20) on each bounce attempt, but MACD is triggered and the gap is filled. The bounce is intact.”