SOXL is a triple-leveraged fund that consists of a variety of stocks in the semiconductor sector. Advanced Micro Devices, Inc (NASDAQ:AMD) makes up 7.03% of the fund, while Nvidia is weighted at 8.81%.

See Also: Shiba Inu Flies Higher In Tandem With Dogecoin As Crypto Sector Reacts To XRP Judgement

Tech stocks, including chipmaker stocks, have also enjoyed bullish price action recently, matching the positive movements seen in the general markets.

On Friday, the S&P 500 looked to be printing a bearish reversal candlestick, however, signaling the local top may be in. An eventual retracement on the index and individual stocks could provide a solid entry for bullish traders and if the move takes place, SOXL offers 3X leverage.

Traders who are bearish on the semiconductor sector can track the Direxion Daily Semiconductor Bear 3X Shares (NYSE:SOXS).

It should be noted that Direxion’s leveraged funds are designed for short-term traders and shouldn’t be held for a long period of time.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

The SOXL Chart: Like the S&P 500, SOXL was looking to print a reversal candlestick Friday, in the form of a gravestone doji, which may signal the next higher high has a card and a retracement is on the horizon. SOXL’s most recent higher low was formed on July 6 at $22.04, and if the uptrend continues, the ETF will print a bullish reversal candlestick above that area on the next dip.