{"id":23100,"date":"2026-07-20T13:30:09","date_gmt":"2026-07-20T20:30:09","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=23100"},"modified":"2026-07-20T13:30:09","modified_gmt":"2026-07-20T20:30:09","slug":"semiconductor","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/semiconductor\/","title":{"rendered":"Complacency CRACK: A Semiconductor Scare Breaks the Calm PLUS: December Corn, CannonEdge Snapshot, Levels, Reports; Your 5 Important Can’t-Miss Need-To-Knows for Trading Futures on July 21st, 2026"},"content":{"rendered":"\n\n\n
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At A Glance Levels<\/h3>\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nS2<\/th>\nS1<\/th>\nPivot<\/th>\nR1<\/th>\nR2<\/th>\n<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
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Gold (GC)<\/strong><\/h2>\n

\u2014 Aug (#GC)<\/td>\n

3954.70<\/td>\n3982.40<\/td>\n4014.20<\/td>\n4041.90<\/td>\n4073.70<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Silver (SI)<\/strong><\/h2>\n

\u2014 Sept. (#SI)<\/td>\n

54.72<\/td>\n55.68<\/td>\n56.72<\/td>\n57.67<\/td>\n58.71<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Crude Oil (CL)<\/strong><\/h2>\n

\u2014 Aug (#CL)<\/td>\n

77.18<\/td>\n79.80<\/td>\n82.20<\/td>\n84.82<\/td>\n87.22<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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\u00a0Sept. Bonds (ZB)<\/strong><\/h2>\n

\u2014 Sept. (#ZB)<\/td>\n

110<\/td>\n110 11\/32<\/td>\n110 28\/32<\/td>\n111\u00a0 7\/32<\/td>\n111 24\/32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The Complacency Crack: A Semiconductor Scare Breaks the Calm<\/h1>\n

By Eli Levy, Senior Analyst & Series 3 Broker<\/em><\/h3>\n

\"semiconductor\"<\/p>\n

Bottom Line<\/h2>\n

For most of the year, this market has climbed a remarkably quiet staircase. This week, it discovered the elevator shaft.<\/p>\n

Semiconductors<\/h3>\n

The unwind started where the crowd was most comfortable: semiconductors. It kicked off Monday with SK Hynix\u2019s largest single-day drop on record after a downbeat read on memory pricing and HBM4 shipments, and the pain didn\u2019t stay contained. Micron (MU) finished the week down roughly 10% and SanDisk about 24%; the broader complex followed, with the SOX index \u2014 and ETFs that track it like SMH and SOXX \u2014 logging their worst week since March 2025. Even beat-and-raise quarters from Taiwan Semiconductor (TSM) and ASML couldn\u2019t hold their stocks up.<\/p>\n

Stocks\/AI<\/h3>\n

By Friday the selling had spread out of chips and into the megacaps, with Netflix (NFLX) tumbling roughly 8\u201311% on soft guidance and Nvidia (NVDA) and Alphabet (GOOGL) both lower. The S&P 500 (SPX) closed the week around 7,457, off about 1.6%, slipping below its 50-day moving average while still holding the 200-day line it has defended since April. The Nasdaq fell about 2.5%. Faced with a fast-moving set of questions about the AI growth story, investors adopted a simple posture: sell now, ask questions later.<\/p>\n

And the questions are real. Corporate budgets are visibly shifting toward AI infrastructure \u2014 the abruptness of that shift showed up violently in IBM\u2019s roughly 25% one-day collapse, its worst in decades, as clients redirected spending away from software toward chips and memory.<\/p>\n

Chinese labs are releasing cheaper, competitive models; new memory supply is heading toward IPO; and enterprises are quietly moving from spending on tokens at any cost toward squeezing more out of the tokens they already buy.<\/p>\n

Crude Oil<\/h3>\n

Layer on oil \u2014 WTI crude up double digits on the week to its highest since mid-June as the U.S.\u2013Iran standoff tightened around the Strait of Hormuz \u2014 and you have the combination that unsettles a richly valued market: uncertain returns on the biggest spending theme, plus a fresh inflation tail.<\/p>\n

Stock Indices<\/h3>\n

But that\u2019s only one side of the story, and the other side is genuinely strong. Underneath the volatility, this was an excellent earnings week. The big banks posted historic numbers \u2014 JPMorgan (JPM) profit up 41%, Goldman Sachs (GS) up 78% on record equities trading and an all-time-high stock, Bank of America (BAC) up 27%, Citigroup (C) up 45%, Wells Fargo (WFC) up 17%. Of the roughly four dozen S&P 500 names that have reported, the vast majority beat on both the top and bottom lines.<\/p>\n

The rally has been broadening rather than narrowing: the equal-weight S&P is outpacing the cap-weight version for the year, S&P breadth sits at its highest since late 2024, and the money that left chips rotated straight into energy, insurers, health care and value \u2014 Travelers (TRV) jumped nearly 8% on earnings, and transports like J.B. Hunt (JBHT) led. That is what a healthy, widening market looks like: leadership changing hands rather than simply collapsing. Even bonds offered reassurance \u2014 despite the oil spike, the 10-year Treasury yield drifted lower on a flight-to-safety bid, closing near 4.54%.<\/p>\n

Final Thoughs<\/h3>\n

So, the tape leaves us with a divided picture rather than a verdict. On one shoulder sits a de-risking, not a breakdown \u2014 a semiconductor-specific scare inside a broadening advance, with the 200-day line intact and earnings humming. On the other sits a list of risks stacking up at once: AI return-on-investment doubts, an oil-driven inflation and rates threat, and a market that had grown comfortable at the highs.<\/p>\n

Next week is light on economic data but heavy on earnings \u2014 with Alphabet (GOOGL) reporting Wednesday against already-elevated capex guidance of $180\u2013190B \u2014 which should tell us which shoulder the market decides to lean on.<\/p>\n

For now, we do what we always do: watch the levels, respect the rotation, and let the tape lead.<\/p>\n

READ THE REST and SEE CHARTS<\/a><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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December Corn<\/h3>\n

After activating upside PriceCount objectives last week, December corn gapped into a new high to begin this week’s trade. If the chart can sustain further strength, the first count would project a possible run to the $4.95 area. A trade above the May reactionary high would formally negate the remaining unmet downside counts.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an \u2018exact\u2019 science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. <\/em><\/p>\n

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. <\/em><\/p>\n

Learn more at\u00a0www.qtchartoftheday.com<\/a><\/em><\/h3>\n

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge \u2014 Your Daily Futures Snapshot for July 21st<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge is our new daily feature designed to give traders a fast, actionable overview of key futures markets. Each post delivers:<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Current price and daily % change<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a030\u2011day and 52\u2011week highs\/lows<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a0PROPRIETARY Short\u2011term and long\u2011term trend signals<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Coverage across equity indices, metals, energies, currencies, and ags<\/h4>\n

Whether you’re scanning for breakout setups, trend reversals, or just staying informed \u2014 Cannon Edge puts the data in your hands before the open.<\/p>\n

\u00a0Built for speed. Backed by insight. Powered by CQG.<\/em><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for July 21st, 2026<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Economic Reports<\/h3>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

All times are Central Time ( Chicago)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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At A Glance Levels Instrument S2 S1 Pivot R1 R2 Gold (GC) \u2014 Aug (#GC) 3954.70 3982.40 4014.20 4041.90 4073.70 Silver (SI) \u2014 Sept. (#SI) 54.72 55.68 56.72 57.67 58.71 Crude Oil (CL) \u2014 Aug (#CL) 77.18 79.80 82.20 84.82 87.22 \u00a0Sept. Bonds (ZB) \u2014 Sept. (#ZB) 110 110 11\/32 110 28\/32 111\u00a0 7\/32 111 […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1522,67],"tags":[1964,1432,627,2037,74],"class_list":["post-23100","post","type-post","status-publish","format-standard","hentry","category-corn-futures","category-future-trading-news","tag-ai","tag-corn","tag-futures","tag-semiconductor","tag-stock-indices"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=23100"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23100\/revisions"}],"predecessor-version":[{"id":23102,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23100\/revisions\/23102"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=23100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=23100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=23100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}