Changes In Latitudes, Changes In Attitudes

After being one of the undisputed monsters off the pre-Halloween low, AMD is now displaying serious signs of changes in latitudes and changes in price attitudes. 

More importantly, the relevant issues for us is whether the large semiconductor play is functioning as a leader to the downside now, too, after clearly being one of the leaders to the upside for five months. 

On the AMD daily chart, updated below, note the difference today from the prior five months of price action--Those previous times AMD had any sort of pullback of consolidation it was always extraordinarily benign and always resolved back sharply higher. In effect, it was a bull's biggest dream.

But eventually all dreams fade, and reality kicks in, despite the best efforts of certain central bankers and certain people at the Treasury. 

Also note the overall fade in semis followed AMD lower today, too, beyond the broad market fade which could have come from oil and gasoline at sessions highs or even Kashkari talking a tough game about no rate cuts this year.

Either way, holding below its 50-day moving average now (dark blue line) or even accelerating lower marks a meaningful change in price character for a clear market leader.