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The Nasdaq Composite just barely did enough to remain above its 50-day moving average once again yesterday, but the Philadelphia Semiconductor (SOX) index -- which many traders use as a leading indicator for the broader indices -- wasn't as fortunate.

As shown below (click to enlarge), the SOX broke hard yesterday below both its 50-day and its lows from a few weeks ago.

Is the Nasdaq soon to follow?

Source: Philly Sox Breaks Down Hard