Sox, qqqq - semiconductors losing steam is worrisome for the Nasdaq, probably broader markets

A quick look at the semiconductors. On my monthly chart they did well to get past trendline resistance, but now testing the 50% retrace to their 2007 highs. Intel's "pop and drop" after its better-than-expected earnings report last week was disappointing. With the QQQQ also testing important Fibonacci retracement at its .618 back to the 2007 high, this can indeed be an important area to watch. Semiconductors used to be considered an indicator for the markets as a gauge of growth and buying demand. If that sags it can indicate the other sectors aren't doing so well either.