Tech leadership continues to test highs

Sharing is Caring!

by Kimble Charting


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.

See also  Europe: Gas prices keep hitting new record highs… looks like it will be a long cold winter

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.

Help Support Independent Media, Please Donate or Subscribe:
See also  Gregory Mannarino - VERY IMPORTANT UPDATES! The 10-Year Yield CONTINUES TO FREE-FALL... Mortgage Rates CRATER.

Views: 0

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.