$Direxion Daily Semiconductor Bull 3x Shares ETF (SOXL.US)$ ...

the prior short-term rallies it did exceed the 20 day but not by much and It ultimately resulted in series of new daily lows.

it's not a buy signal there's nothing that would trigger anybody to say I have to own this basket right now it is obviously moving on Intel's news this morning. support is right around 24.5

there's no absolute it could trade up to 30 and a half dollars $30.75 but there needs to be a catalyst in order to create a new leg up that's sustainable and so far literally since Oct 15  it's failed every time.

you can go back and see and I said this about a week ago or so that if we are able to get a Santa Claus rally on chip stocks I think this basket could be about $34 before Christmas

will institutions just buy this basket because it's sold off so significant relative to other sectors maybe.. there are a few people last week that said they're selling their software stocks because they rally so much and they're actually buying chip stocks this basket because they're contrarians.

so time will tell.. I sure as hell hope I am wrong and this does not struggle and fail at this $30 level that it breaks through and goes to 34 because I have a shitload of this ETF...