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Yesterday, on a pickup in volume, the Direxion Semiconductor Bear 3x ETF (SOXS) formed a reversal candle as it undercut its 20-day EMA and 50-day MA but eventually closed near session highs. Reversal candles serve to shake out the weak hands in a trade and sweep poorly positioned stops. Now that a shakeout has occurred, SOXS offers a buying opportunity above the four day high of $35.42. We are placing SOXS on the watchlist. Details for this setup can be found in the watchlist section of the newsletter.

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