Watch this index!!!

This morning I would like to discuss something extremely important. No, it is not Europe, well, at least not directly. It is SOX - Philly Semiconductor Index. Those of you who follow me, know that I have been using SOX to predict market's direction all of this year. This is the backbone of Nasdaq, guts of all tech products, and it is lagging today. Last night and this morning TXN, ALTR, and LSCC - all cut their guidance due to weak orders from customers across the board. Folks, we are in 4th quarter!! To add insult to injury, DD, the unlikely source of tech news, warned on its quarter and said that it was due to weakness in electronics.
Why is this so important? Like I said above, SOX is the leader, it has led NDX all of this year, and has been impeccable at that.
Following is the chart. Price ran into resistance @ 150 dma, broke below 50 dma, and is currently supported by 100 dma. There are 2 gaps below. Watch SOX, it may be telling us something here.

SOX may fill 2 gaps below