📉💥 Weekly Update: CXMT Reprices Memory, KOSPI Capitulates, SOXX Cracks
China rang the IPO bell, and the global memory trade cracked.
CXMT’s blockbuster debut hit SNDK and MU, fed the KOSPI rout and helped push the semiconductor complex through another violent week.
$SMH & $SOXX have now lost their neckline. That’s not where you want to see leadership if semi is going higher. Until they reclaim it, the path of least resistance looks lower.
Not everything is weak though. Names like $NTAP continue to show RS. That’s where my attention is.