SMH has been lagging behind the other tech sectors like XLC and XLK.
As you can see it broke its rising wedge support and started correcting.
You did that notice the drop if you focused on NVDA but if you look at TSM,AMD, and intc performance last 2 weeks of April you'll see where the selling came from.
the thing about using the Sectors to trade, is you can see the sector about to break out or correct but you just don't know which stock in that sector will be the recipient of such a move.
Here's an example.
You see How XLK was at support here in a do or die situation (Green arrow)? And then wham, msft beats earnings 😆
Another example is XLC
You see the big cup and handle ? And the surprise surprise META beats
That leads me to this, SMH has back tested its breakout after falling out of a wedge and has now formed a bullish falling wedge.
There's still alot of Redtape to get through though, SMH is the only tech sector below it's 21ema and 50sma . Will need to break over 250.
AMD and Qcom both have earnings this week, who will be the recipient of a bullish breakout here?
Things only get bearish here if SMH drops below 233
As you can see it broke its rising wedge support and started correcting.
You did that notice the drop if you focused on NVDA but if you look at TSM,AMD, and intc performance last 2 weeks of April you'll see where the selling came from.
the thing about using the Sectors to trade, is you can see the sector about to break out or correct but you just don't know which stock in that sector will be the recipient of such a move.
Here's an example.
You see How XLK was at support here in a do or die situation (Green arrow)? And then wham, msft beats earnings 😆
Another example is XLC
You see the big cup and handle ? And the surprise surprise META beats
That leads me to this, SMH has back tested its breakout after falling out of a wedge and has now formed a bullish falling wedge.
There's still alot of Redtape to get through though, SMH is the only tech sector below it's 21ema and 50sma . Will need to break over 250.
AMD and Qcom both have earnings this week, who will be the recipient of a bullish breakout here?
Things only get bearish here if SMH drops below 233
