The chart below shows that the PHLX Semiconductor Index met our 620 initial upside target this morning, first mentioned in our May 23rd report entitled 3 Reasons For 1 More Leg Higher In US Stocks (access requires subscription), to capture a 6% advance in a little over  2 weeks.

SOX Index Meets Our 620 Target

From that report:

“The near term inflection/decision point for the US stock market that we have identified and have been discussing for the past several weeks appears to be resolving itself to the upside this week, which targets an additional 6% rise in the market leading PHLX Semiconductor (SOX) Index before a US broad market pullback/correction potentially emerges during the 3rd Quarter.”