$Direxion Daily Semiconductors

$Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ $Direxion Daily Semiconductors Bear 3x Shares(SOXS)$ My SOXX target of hitting at least 560 on the bounce was reached, but the level didn't hold at all. It got rejected near the 50 DMA. Still, the technicals suggest the bias remains to the upside, and we're sitting right at channel support now. Getting past 562 resistance is needed to eventually reach 583, with a chance to test as high as 615 by the end of the month. NVDA earnings, which are due in the last week of the month, could keep semis supported. A lot can change between now and the next 8 sessions, but the technicals do support a higher move from these levels. The cautious part is that all this movement is happening on weaker volume day by day, which isn't exactly reassuring. Last week's earnings also brought mixed results. Let's see if channel support stays in play.

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