Classic Rotation & Distribution: SOX Completes Right Shoulder as Mega-Caps Catch Up

WHAT A DAY! Classic rotation and distribution played out clearly in Wednesday’s thin summer liquidity. Semis led pre-market gains in Tech and the Nasdaq after ASML’s strong earnings beat, but the rally quickly reversed at the cash open, sending Semiconductors, the broader Technology sector, and the Nasdaq on a wild ride. The Philly Semiconductor Index (SOX…