As I've said a whole bunch of times, if the Semiconductor Index completes this massive top relative to the S&P500, then chances are that the bull market is cancelled. With Semi's rallying this week, despite the selling pressure in other areas of the market, that alpha put the Semiconductor Index back above all that support, invalidating any bearish implications that may have occurred earlier in March:
If Semi's do actually break, then I believe there is a bigger structural problem in the market, particularly in U.S. equities. Global equities continue to act well, pointing more towards a rotation, rather than a full blown credit event. See here.
