Here’s What The Semis Need To Do
S&P futures are stuck in a range between about 917 and 922.
Below 917, the targets are at 916-915, as we outlined in the Morning Meeting as important support. On the upside, to improve the outlook we have a test of 924 and then 925-926.
For Nasdaq futures, above 1075 the targets are 1078-1079, then 1080 and 1082. However, the Semiconductors (SOX) will have to show strength for Nasdaq to gain steam on the upside.