Everyone Says They'll Buy The Dip. Semis Are About To Test Them
Messy
The market isn't breaking, but leadership is getting increasingly messy. Semis are losing momentum, the SOX/SPX divergence remains wide and skew is suddenly waking up despite relatively little movement in the index. Meanwhile, investors still say they want more AI exposure, just preferably after a correction. The setup is deteriorating, but the underlying appetite hasn't disappeared.