(SOXX) Technical Pivots with Risk Controls

February 06, 2024, 23:04 pm ET, BY Simon M.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for SOXX

• Buy SOXX slightly over 561.32 target 602.95 stop loss @ 559.7 Details

The technical summary data tells us to buy SOXX near 561.32 with an upside target of 602.95. This data also tells us to set a stop loss @ 559.7 to protect against excessive loss in case the stock begins to move against the trade. 561.32 is the first level of support below 597.57 , and by rule, any test of support is a buy signal. In this case, support 561.32 is being tested, a buy signal would exist.

• Short SOXX slightly under 602.95, target 561.32, stop loss @ 604.69 Details

The technical summary data is suggesting a short of SOXX as it gets near 602.95 with a downside target of 561.32. We should have a stop loss in place at 604.69though. 602.95 is the first level of resistance above 597.57, and by rule, any test of resistance is a short signal. In this case, if resistance 602.95 is being tested, a short signal would exist.

Swing Trading Plans for SOXX

• Buy SOXX slightly over 601.01, target 602.95, Stop Loss @ 599.27 Details

If 601.01 begins to break higher, the technical summary data tells us to buy SOXX just slightly over 601.01, with an upside target of 602.95. The data also tells us to set a stop loss @ 599.27 in case the stock turns against the trade. 601.01 is the first level of resistance above 597.57, and by rule, any break above resistance is a buy signal. In this case, 601.01, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SOXX slightly near 601.01, target 580.78, Stop Loss @ 602.75. Details

The technical summary data is suggesting a short of SOXX if it tests 601.01 with a downside target of 580.78. We should have a stop loss in place at 602.75 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 601.01, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for SOXX

• Buy SOXX slightly over 601.01, target 602.95, Stop Loss @ 599.61 Details

If 601.01 begins to break higher, the technical summary data tells us to buy SOXX just slightly over 601.01, with an upside target of 602.95. The data also tells us to set a stop loss @ 599.61 in case the stock turns against the trade. 601.01 is the first level of resistance above 597.57, and by rule, any break above resistance is a buy signal. In this case, 601.01, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SOXX slightly near 601.01, target 597.08, Stop Loss @ 602.41. Details

The technical summary data is suggesting a short of SOXX if it tests 601.01 with a downside target of 597.08. We should have a stop loss in place at 602.41 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 601.01, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Check the time stamp on this data. Updated AI-Generated Signals for Ishares Phlx Sox Semiconductor Sector Index Fund (SOXX) available here: SOXX.

SOXX Ratings for February 06:

Term →	Near	Mid	Long
Rating	Strong	Strong	Strong
P1	0	0	520.13
P2	597.08	580.78	561.32
P3	606.47	601.01	602.95

AI Generated Signals for SOXX

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The technical pivots for Ishares Phlx Sox Semiconductor Sector Index Fund (NASDAQ: SOXX) help you determine how to trade, when to buy, when to sell, and how to control risk.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for SOXX change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

Subscribers also receive market analysis, stock correlation tools, macroeconomic observations, timing tools, and protection from market crashes using Evitar Corte.  

Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if SOXX is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for SOXX too.  All of these are offered below the Summary Table.