Tech leadership continues to test Dot.com highs

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by Kimble Charting

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Semiconductors (SMH) have been bullish leaders over the broad market since the lows in 2009. Over the past 9-years, SMH has nearly doubled the upside gains of the S&P 500 and has been stronger than the NDX 100 as well.

The 500%+ gains since the 2009 lows have SMH testing the highs of 2000 at (1). While testing the 2000 highs this year, SMH has created a few monthly reversal patterns. Even though these reversal patterns have taken place, sellers have not been able to gain the upper hand.

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The bullish trend for SMH remains intact. It would take a break of support at (2) for this leading tech ETF to send a bearish message to the broad market.

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