The Philadelphia Semiconductor Index has pulled back sharply, but some traders may think it can bounce.

The first pattern on today’s chart is the rally between March 27 and June 22. SOX stabilized after retracing half the move, which may confirm the advance.

Second, SOX rebounded after probing below the May 19 weekly low of 10,896. Has support been established?

Third, stochastics are turning up from an oversold condition.

Finally, SOX has held its rising 100-day simple moving average (SMA). That could be reminiscent of March, when it hugged the same SMA before breaking out.

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