The weekly chart of SOXX shows a broad trading range (lines a and b) that goes back to 2010.

FORBES: October's Top Seasonal Sectors

The Proshares Ultra Semiconductors (USD) and the iShares PHLX SOX Semiconductor Sector Index Fund (SOXX) may also be impacted by the forecasts.

FORBES: Texas Instruments, Altera Cut Outlooks

Given the current technical readings, SOXX may not bottom until later in the month, but I will be keeping an eye on some of the key semiconductor stocks for signs that they have completed their corrections.

FORBES: October's Top Seasonal Sectors