Philly Sox Breaks Down Hard

 |  Includes: SOX, SOXL, SOXS, SOXX
by: Bespoke Investment Group

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?

Click to enlarge

Click to enlarge