SOXX is just entering oversold territory at about 30.5 on relative strength, but an RSI under 30 would not automatically mean a rebound, as earlier slow, steady declines show oversold can persist; this semiconductor decline has been sharper and much faster than those earlier ones.

I use SOXX, which is an "iShares " semiconductor box. You can see that this relative strength indicator is very clear. We are now entering a sell-over zone . If the Relative Strength Index (RSI) falls below 30, noting that we are currently at around 30.5.

However, this does not automatically mean that we will see a rebound. We can look at other earlier periods where there was a very slow and steady decline. This recent decline in semiconductors has been more pronounced, and certainly much faster in its pace.