On Monday we looked at performance of the Semiconductor Index in relation to the S&P 500.
The Semi’s ran into resistance back in early March. After a correction it broke through resistance in June, but could not hold above the resistance. So based on Monday’s chart we were watching for “kiss good-bye” to signal a sell off in semiconductors — which did not happen.
On Wednesday semiconductors delivered a bullish surprise by closing back above the resistance level. Semiconductors are in a daily uptrend. Closing back above the resistance level indicates a continuation of its daily uptrend and signals a cycle band buy signal.
Cycle Trading 
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