The biggest and most important shift that took place this week was in the semiconductor sector, which until the week prior was the most important foundational strength of the entire bull market.
It’s different now. The semiconductor index has broken both its ascending trendline as well as horizontal support.
The most important element, and briefly the most valuable company on the planet, has broken its midline and is THIS close to failing horizontal support.
And the sector’s ETF has been repelled by its broken price channel and fell persistently for six trading days.
I don’t think this is over, either short term or long term. I believe before next week is over, we’re going to see more core support failures, and by the end of next year, we’re going to see wipeouts in this entire space that defy all expectations. The AI Farce is going to come about just like bankruptcy: slowly, at first, then all at once.
Get used to hearing the term “ROI” a lot.
