John Murphy on todays SOX:
SOX FALLS 4%... A 4% drop in the Semiconductor (SOX) Index led today`s selloff in the technology sector. Chart 2 shows that the SOX tried unsuccessfully to climb over its (red) 200-day average and its June peak at 490. That failure took the wind out of the technology rally. One of the biggest SOX losers was Intel. Chart 3 shows the chip bellwether falling under its 50-day average to a six-week low. And it did so on rising volume. That increases the odds for more short-term sellling.
