Technical Analysis: Don’t Forget About Chip Stocks


The Nasdaq is trying to stabilize, which could draw buyers back to semiconductors.

Chip stocks like NXP Semiconductors (NXPI), Broadcom (AVGO) and Lam Research (LRCX) were some of the biggest gainers in the Nasdaq-100 last week. That helped push NDX ahead of the S&P 500 for the first time in five weeks. The relative strength also came amid two positive weeks for the Philadelphia Semiconductor Index.

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Philadelphia Semiconductor Index (SOX), daily chart, with key patterns, courtesy of TradingView.
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