As after-hours earnings illustrate, the semiconductor space continues to deteriorate.
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What About FedEx? (by LZ)
FDX made a new all-time high last week and that has pushed the FDX/UPS ratio back near its all-time high. FDX itself is flirting with a failed breakout above the prior ATH in May 2021.
Labor costs are being blamed for the miss at UPS so not much carry-over to FDX yet.
FDX also fired topping signals on the daily chart though. On the left you can see it isn’t a failsafe indicator. The question is will FDX take off to new highs from here, or is this like the three prior episodes from the past year where these signals came ahead of ~15% pullbacks?
Gig Economics
Semi Circle
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.
Semi Index FAILS
