Technical Analysis: Have Chipmakers Already Bottomed?


Most people know that technology stocks ended 2022 on a weak note. But they may not realize one group started to outperform: chipmakers.

The first pattern on today’s chart of the Philadelphia Semiconductor Index is the falling trendline along the highs of last year. The S&P 500 is currently sitting at similar resistance, but SOX has been above its respective trendline since mid-November.

Notice how it stayed on the upper side of the pattern last month. That may suggest …

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Philadelphia Semiconductor Index, daily chart with selected patterns and indicators, courtesy of TradingView.
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