Chart of the Day - Tuesday, August 9th, 2022

Today’s Chart of the Day was shared in a note by John Roque of 22V Research. The Semiconductor Index ($SOX) bounced roughly 30% off its July lows, however, John points out that it's beginning to roll over again. On an absolute basis (top), it just made its third consecutive lower high and it remains below a downward sloping 200-day moving average. On a relative basis (bottom), it just made its fourth consecutive lower high and it remains below a downward sloping 126-day moving average. As we know, Semiconductors often lead the broader market higher or lower. Could Semi's be trying to tell us something here?