SMH could go either way but my guess based on price action over the last couple days is that it will break lower. Little oversold bounce today but hitting downtrend resistance and Fib resistance on light volume. Looking for a break. QQQ helping out with momentum but also about to hit resistance.
When price clears 131.79 With WEEKLY volume greater than 39.87M or DAILY volume greater than 7.28M Target: 149.50 area Depending on your risk tolerance: 125.88 gets you 3/1 Risk/Reward. Resistance: 142 and 145 area This trade idea is not trade advice. This idea is strictly based on my ideas and technical analysis. Not due diligence or fundamental analysis was...
SMH recently peaked at 151.71 on May 30, leaving behind two gaps for potential fill in an area of low volume (yellow volume profile highlight). I am expecting a selloff into the gap areas, which also are at key fib levels. 5/30: peak = 151.71 143.89 = 76% fib (Touched today, and 5.2% off peak) 139.05 = 61.8% fib ( 8.3% off peak) 135.14 = 50% fib (10.9% off...
SMH getting a lift today from everything except NVDA. AMD TSM and others holding things up and still no real correction in SMH since NVDA earnings and subsequent ramp of all other things "AI". At some point big cap tech and semis will be sold and a correction will ensue. Perhaps sooner than we think.
- SMH weaker than QQQ today potentially setting daily lower high but bears need more follow through at the moment - NVDA still potential 4h head and shoulders pattern if we confirm more downside - SPY very nearing 0.618 fib resistance we saw some money rotate from tech into SPY in the last two days making breath better - QQQ bull flag confirm still super strong...
NASDAQ:SMH Broke through double top. Invers Head & shoulders target horizontal line.
- SPY back tested prior resistance and so far held it triple bottom today on 5m time frame around 417 range - Key question is which way do we break on Monday if we break bear we can potentially go back into our 1.5 month long chop zone. - Can SPY hold this support zone if QQQ consolidates/slight pullback next week? - first day we see SMH a slow down a bit...
I'm updating my prior SMH weekly chart, since we had a 2 for 1 split in SMH last week and it totally messed my chart up. Key points (dates are all weekly): 3/27: 131.79 (most recent peak) 4/24: 118.57 ( most recent low) -10.03% off the peak 5/1 close: 124.38 -5.6% off the peak Gann confluence line 1: 121.71 -7.6% off peak Gann confluence line 2: 114.46 -13.1%...
Alright back into SMA today .. this is my second try . We have a few gaps on record for the bulls in this three bar break and today we pulled of a Wedge pop taking back our EMA's . We still have not overcome any minor highs though and are still below the downtrend line for this leg down .. Additionally we have FOMC rate decision out on the third so tomorrow is...
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...
NASDAQ:SMH Short the Chips. Why? RSI Bearish Swing Rejection MACD Bear Div Price broke the ML Unfilled Gap (212-215) 50% Fib Confluence with Price Gap 1.618 Time Zone Fib Confluence X Price Gap X Energy Point Target (Time x Price) = 215 USD on 7/17/23 Fat_Fat
Semiconductors finally showing some topping pattern, amidst topping RSI (12) that failed to reach the high 70 channel and a shrinking trend of volume. In effect, weakening momentum. The first level is 244.71, which is a Gann confluence and also a prior pivot (left yellow circle), and is a 7.1% decline off the most recent peak of 263.57. This would take it to the...
I have covered ALL SHORTS TODAY BASED ON this chart I still have a second C wave up to end the double zig zag . I know we have two legs up that are equal to the high but the structure down is corrective and back to 50% I will allow for a last wave up but cycles are running on fumes !!!
Ran into this 'AMD' concept on Twitter, never looked at charts as such. Can this NASDAQ:SMH Daily chart play out as such? Does it make sense to indicate Accumulation Manipulation and probable Distribution like this, or do we need more for this (?) Keeping an eye on it this way is harmless. Let's watch and see how it plays out. Always keep learning.
I bought some SMH today , S2 uptrend , one of the stronger groups rn. Related stock I may play as well is CRUS too , but has not given me a signal yet / only triggered .
The movement appears to be going towards $250 by the 17th of April and then turning back up gradually for about 2 more weeks before it drops back down to around $225 nearing the end of June beginning of July time frame.
Looks like a very critical point for semi's right here. Failure is not an option.
The SMH is triggering a intra day topping formation. This is likely to play out as money roates out of the overbouhgt tech/ semi space. NVDA, AMD are some of the leaders already showing weakness today. If Semis fall they will take this market lower.