Phlx Semiconductor Index (468)

The Semiconductor Index is on a bit of a roll with downsloping resistance around 510. The 500 area has frequently shown up as an important support or resistance level over the previous five years, and I'm looking for more of the same this time as we approach it from beneath. It would not be surprising to see an intermediate term correction after testing the 500-510 area on the upside. The longer term trading pattern is viewed as neutral-positive.