From Nasdaq, Inc.:

SOXL shares fell by over 7% on Tuesday, tracking the general market’s 0.5% drop after high January inflation data. NVIDIA Corp. entered a bearish stance, down 6%, showing a double top pattern at $746.11 with its latest high. SOXL, a triple-leveraged fund, holds 8.67% AMD and 7.54% Nvidia.

Tech stocks, including NVDA, surged in the last months, but the S&P 500 showed bearish signs on Friday. Nvidia’s quarterly EPS is expected to be $4.53 on $20.24B revenue. Direxion will present SOXS for those bearish on the semiconductor sector. Direxion funds are designed for short-term investors and not for long-term investment.

SOXL has shown a consistent uptrend since October, forming a rising channel pattern. This ETF tested the lower trend line on Tuesday as support, seeking a bounce on Wednesday. Resistance is observed at $37.10 and $39.53, while support comes in at $33.10 and 28.62.



Read more: Nvidia Stock Dives Ahead Of Q4 Print, Drags Direxion SOXL ETF Toward Breaking Point: A Technical Analysis