PHLX Semiconductor Index relative to its 50-day average from May 1995 through November 6 2026, with March 2000 at 46.6% above, May 11 at 36.0% above and the latest close 19.7% below.

Chip stocks trade nearly 20% below their 50-day moving average, a sharp reversal from 36.0% above it on May 11.

The PHLX Semiconductor Index closed on November 6, 2026, 19.7% below that average.

In March 2000, the index reached 46.6% above its 50-day average.

In November 2002, it reached 35.0% above it.

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The same chip stocks have gone from stretched on the upside to stretched on the downside.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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