SOX in Danger.
The weekly chart shows a clear spring to up‑thrust set up.
Note how little progress was made in the past week to make a new high. The index barely budged above the high posted from the previous week.
While all eyes are focused on the S&P, attempting to analyze every squiggle, other indices such as the SOX are showing a clear set-up.
There is of course no guarantee of a reversal from this point. The set-up only identifies the potential for a trend change.