Micron Technology (MU)

[JLS]

Ummmmmmmm ...

I think not because the semiconductor index tagged its bottom support line today -- which goes back 13 months -- and I think a lot of semiconductor investors who have already sold will treat this level as a Buy level. But I'll stretch it a little lower, to 87.50 because there is a ton more support there (middle of 2017). A lot of semiconductor investors don't want to miss a good buy point so they may not want to wait for a tag of $87.50.

If you look at earlier days you will have to go all the way back to the year 2,000 to find a level that tags the lower green line.

In other words, I think today was an exhaustion sell-off of semiconductors. Over a year's worth of gain is lost.

Technically, semiconductors are in a bear market (greater than 20% drop) and there was a ton of selling volume over the last two weeks, and the peak volume was over 20M shares on each of two consecutive days over two weeks ago (followed by two more days of selling at average volume). In addition, today's down volume totally wiped out (with room to spare) yesterdays up volume.

In other words, today's semiconductor trade looks like an exhaustion selloff.