$SMH is currently short-term overbought as the ETF
has risen from about 98 to above 116 before shedding gains. Because of it's short-term overbought status, it might look like a good short opportunity. However, I think it $SMH might lurk between 110 and 116 as the overall market digests Trade War news and the now questionable expected rate-CUT from the Fed in July. Since implied volatility
is low, an Iron Butterfly
typically will perform better than an Iron condor, or naked equivalents.