Semi Bellwether:
The semiconductor group has its absolute leader at the moment in NVDA. It is the most recognizable name in the space and to show just how much tech has been weighing on the Nasdaq the stock has shed a quarter of its value as it has slipped nearly one hundred handles from 350 to 250 in 2 short months. The descent began after a bearish engulfing candle at 350 on 11/22. The stock is lower 7 of the last 8 weeks. AMD has held up a bit better but it is still in bear market mode off 22% from the most recent all-time highs. Below is the chart of another name that carries clout in the semiconductors in Broadcom. I still remember it as the symbol BRCM. It is acting a bit better than the two aforementioned names now 17% off its yearly peak made just a few weeks ago. So far in 2022, it has advanced just 3 sessions, and two of those were up .3 and .1%, not exuding much confidence. Consider Wednesday’s intraday lows a line in the sand on a CLOSING basis.