Whilst the main equity market closed broadly higher, there was severe weakness in CREE, which imploded -14.6% @ $24.80 (intra low 23.53). With a severe break lower, next support is the Nov'13th low of $22.10.
Suffice to add, a profits warning from CREE has resulted in the stock imploding.
Recent price structure though was a multi-week bear flag, so the new down wave is not entirely surprising.
If the Nov'2015 low of $22s does not hold, next support is not until the psy' level of $20. Any price action <20 would bode for further broad weakness to the Dec'2008 low of $12.57.
I actually like CREE, who doesn't need light bulbs, especially the new LED type? As a company, CREE is clearly under performing, and the market is not tolerating it.
One to watch.. especially if it fails to hold the $20 threshold this summer.