A 5% pullback in Micron Technology (NasdaqGS: MU) shares weighed on exchange traded funds following the semiconductor sector on Monday.
Micron shares were falling on high volume in morning action after the stock failed to find support at its 50-day moving average.
“Micron’s price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 50-day,” TradersHuddle.com said on Monday.
The stock accounts for 4% of iShares PHLX SOX Semiconductor Sector Index Fund (NasdaqGM: SOXX). The ETF was down nearly 1% on Monday.
iShares PHLX SOX Semiconductor
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