While broad Nasdaq indexes like the NDX / QQQ look like they could still be in a head and shoulders topping pattern, one tech sector, Semiconductors, appears to be in the recovery process from it’s own Head and Shoulders topping pattern.

The $SOX Semiconductor index formed a one year Head and Shoulders top from late 2017 into late 2018. The neckline was broken in October 2018 and backtested in December. Semiconductors broke out above the neckline in February 2019 and this week looks like it may see the first weekly close above the 50 week moving average. A bullish recovery attempt from the Head and Shoulders top. -Harry

PS: If you’re curious about individual Semiconductor stock plays, check out this post on my personal blog which has charts of 17 Semiconductor stocks which I think have big upside potential (as much as 200%) if Semiconductors lead the Nasdaq over the next few years. I didn’t want to spam Goldtent with 17 off-sector charts LOL.