The chart posted is the SMH we have a positive NON CONFIRMATION in the RSI I am 90 % net long using calls target 161.8/165.3
NASDAQ:SMH Recovered around 93% from the October 10th 2022 lows. Testing the upper range of the parallel channel and also a double top. A sell off around 11% would leave NASDAQ:SMH back down to its uptrend line.
NASDAQ:SMH Semiconductors on a weekly chart tested a Double Top. Now we have to watch if SMH will consolidate in a bullish way and the break out or does it sell off like it did in 2022.
Entry: when price clears 151.71 Volume: with daily volume greater than 13.30M Target: 167 area Stop: Depending on your risk tolerance; 146.62 gets you 3/1 Risk/Reward. This swing trade idea is not trade advice and is strictly based on my ideas and technical analysis. No due diligence or fundamental analysis was performed while evaluating this trade idea. Do not...
I don't have much to go on but that is fine. I just use the trend pivot line to put my back against (like a stop loss) So the margin of loss is minimal if the trade fails. I call this area the position of maximum opportunity.
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 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...
After taking out the October and November lows, QCOM has surged to activate a Fake Break Down reversal pattern, as well as an odd looking island reversal pattern, leaving behind almost the entire month of May's trading days. It might need a breather here as it runs into some short term resistance, but I'm long.... 🤷♂️
I first started warning that NVDA was getting tired back on April 12, 20223 in this chart Since then the H&S pattern did not trigger a short or sell depending on which side you are on. Instead, Price Broke the rising wedge via time and was " Head Tested " leading to another bearish structure a shallower rising wedge. If that fails it would trigger a trade...
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...
- SPY trading double top at FOMC reaction highs from April - QQQ Clear breakout but AAPL didn't participate that much - Money rotating from AAPL into GOOGL and AMZN - NASDAQ rising wedge still in play, but QQQ broke out of the rising wedge - SOXX semi sector at potential H&S resistance, if it breaks out will give QQQ more fuel for upside. - NVDA new 52 week...
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%...
Red flag 1: SP:SPX & SKILLING:NASDAQ did not break close above Key resistance yesterday New fear low in AMEX:KRE regional banks, fear of snowing balling into something substantial NASDAQ:AMD poor Q2 guidance down 6% AH dragging NASDAQ:NVDA to break its 280 support. FOMC 11pm PST tomorrow 0.25 hike 90% chance. Shorting NASDAQ:SOXX in AMEX:SOXS
- Personally i think NVDA is overvalued but markets can stay overvalue for longer than you think and vice versa - if we do get a quick reversal here from NVDA than it would be a bull trap right no zero signs of that. - strong 15m EMA 12 guide for NVDA - NVDA outperforming SMH and QQQ - NASDAQ broke above resistance no follow through - SPX did not break above...
Since Earnings a clear accumulation Consolidation pattern has been unfolding. If the Indices weren't so extended and into resistance this would be a prime candidate to go long. Watching Lam Research closely as it has good technical setup if we get a pullback in the market. This is a longer weekly pattern so it takes some time to play out.
- NASDAQ:NVDA still lead bull in the NASDAQ:SMH sector you can see AMD already has been dropping - NVDA clear resistance 280 rejected multiple times - SMH holding above its weekly support, 13 cents away from breaking on Friday. - NASDAQ:MSFT and NASDAQ:GOOGL ER Tuesday AH will drag SMH which everyway the earnings come in.
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...