Technical Analyst, Saxo Bank Group
Summary: The escalation of the China-US trade war has pushed the technology and semiconductor sectors lower, and investors need to be aware of support levels as well as headline risks.
We can see how the semiconductor sector seems to “front run” the downtrend compared to the Nasdaq 100. This should come as no major surprise, as it is probably the sector being the hardest hit by the trade war. Back in April, semiconductors peaked about a week before the Nasdaq did.
Overall, markets are looking set to rebound today with futures up 06-0.7% into the New York bell.
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