The benchmark PHLX Index (SOX) started at 3,485 this week, up 1.56% and up about 2% over the previous 7 days and following on a strong rebound from lows earlier this month.
“From March 14 through March 22, the index gained 13.3%,” Ponsi said. “That’s an impressive feat, considering it occurred in just six trading days.”
That performance seemed to contradict the charts, as the technical charts on the semiconductor industry have been mixed. Despite the rally in the SOX, the index remained below its key moving 50-day and 200-day moving averages.