For instance, the ProShares UltraShort Semiconductors (NYSEArca: SSG) takes the -2x or -200% daily performance of the Dow Jones U.S. Semiconductors Index and the Direxion Daily Semiconductors Bear 3x Shares (NYSEArca: SOXS) provides a -3x or -300% performance of the PHLX Semiconductor Select Index.
“I would argue that if prices are able to recover and get above that broken trendline, then it would increase the possibility that this is not what it appears to be: a massive bearish reversal pattern. The confirmation in this doesn’t come until we break the neckline anyway, but a rally higher would be step one in the invalidation process of this massive topping price pattern,” adds Parets.
iShares PHLX Semiconductor ETF
