Coach Mark here.

Taiwan Semiconductor (TSM) reported earnings and they were better-than-expected with revenue guidance above most analysts’ expectations for the third quarter. This is the type of report that at many points this year would have sent not only Taiwan Semiconductor up, but semiconductors and tech in general up significantly. Taiwan Semiconductor plays that role of importance in the tech space.

That is not what happened this morning. Tech attempted to rally at the start of the session but like so many times over the last week could not hold a bid. As money rotates into the “left behind” areas of the market (small caps, DOW, cyclicals, etc.) tech has made many attempts to rally only to have those rallies squashed in inglorious fashion.

Eventually this pattern will change. They always do in time. However, until we see that, intraday rallies on tech are suspect and it is likely going to take a bit to clean up technology charts. We are pretty good at identifying bottoming patterns at Tackle Trading and will be on the lookout for that in the coming weeks.

While we wait for that, there are going to be many setups in other areas of the market that we will be bringing you in the Trader’s Lounge and Trader’s report throughout the week.

 Have a fantastic Thursday!

Chart of the Day: NASDAQ 30-Minute Chart (/NQ)

The intraday chart on tech has been consistent in the Nasdaq over the last week. It cannot hold a bid. Intraday charting analysis has been key to understanding and taking advantage of price action over the last week.

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