The semiconductors sell-off continues 📉

The US session is starting with declines in the tech index approaching almost 2%.

The market has broken below the resistance defined by the EMA100 moving average, approaching the 161.8% Fibonacci extension of the May upswing. RSI (14) has reached its lowest level since March 2025, below 35. Source: xStation5

Despite the significant scale, this sell-off is highly concentrated.

Among the biggest losers are memory companies and semiconductor stocks, with losses across nearly the entire industry around 10%.

Concerns about CAPEX may be compounded by China. The CXMT IPO and rumors of a breakthrough in Chinese DUV equipment have the potential to clearly hurt margins across the whole sector, which until now has benefited from the buildout of AI infrastructure.
Also noteworthy is a Citadel publication, which speculates that the Fed could surprise markets with an interest rate hike.
The Fed and upcoming earnings from Meta, Microsoft, and Amazon will set the direction for the indices in the coming months.

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