Chart of the Day - Thursday, June 25th, 2020

Today's Chart of the Day was shared on Twitter by Aaron Jackson (@ATMcharts). It's a chart of the Semiconductor Index ($SOX) over the past year. The top three holdings in this index include; NVIDIA ($NVDA), Intel ($INTC), and Broadcom ($AVGO). Semi's broke out to all-time highs earlier this month, and have been consolidating at the former highs ever since. Aaron points out that the $SOX bounced off the 20-day moving average yet again today. As you can see, price has managed to find support at this short-term moving average several times since the March low. Semi's are an important bellwether for the broader market. It's constructive to the overall bull case for stocks to see buyers continue to step into this key industry group at the sight of any short-term weakness.