The chart has formed a Head & Shoulders pattern following a double top, which needs to be invalidated to avoid further downside pressure. That’s what the bulls are attempting to achieve, but the question remains: will they succeed?
Additionally, we are frequently testing the 200MA, a key long-term support level.
From a macroeconomic perspective, a recession seems likely, and in such a scenario, maintaining bullish momentum would be difficult.
In my view, we’ve now entered the bearish phase of the market, even for semiconductors.