S&P 500 tests key support levels as semiconductor stocks decline
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View chart & analysis → - 1The S&P 500 is testing key support levels, recording a decline of nearly -6% from its October 6 peak.
- 2The phenomenon where the 5-month moving sum of days with semiconductor stocks falling more than 5% exceeds 10 has occurred twice in the past.
- 3The forward P/E ratio for the technology sector is as low as it was in March 2020.
So what's the key point?
US market indices are checking support levels as they drop about 6 percent from their peaks. As the number of days with large semiconductor stock declines increases, technology sector stock prices have become low relative to earnings.
Source The Weekly ChartStorm · View original ↗
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