We have discussed this before that without the inclusion of semiconductors the perceived technology rally will not go very far. And it will also weigh on the overall markets. Are there some green shoots that may give the group a boost? The daily chart of the SOXX below shows bullish RSI divergence which is often a good sign of possible future strength. Monday recorded a spinning top candle which is often adept at signaling changes in the prevailing direction and it occurred at a rising 200-day SMA. The ETF is 14% off most recent 52-week highs and has dropped 8 of the last 12 weeks following a pattern of 3 WEEKLY declines and 2 WEEKLY advances. I was surprised to see that AMD was the top holding and it is walking a tightrope along the 200-day SMA and the very round par number at the same time. It trades 23% off most recent 52-week highs and is now testing a WEEKLY inverse bullish head and shoulders breakout from mid-May. Has it been in the penalty box too long and now rested and recharged?