Looking like a three drives in a rising wedge that's about to complete wave B of a flat. haven't looked at this thing in awhile and was surprised it managed to make a new high recently. Momentum slowing down like early last yr as well... Always a change this is a leading diagonal but I just don't see it.
Just a hunch but especially since the tariff's from this week didn't go into effect and now China is pushing back again - speculation could begin that Trump bring those tariffs back into the conversation if China doesn't move on their promises... Plus inventory should be ridiculously high for most of the semis.
Bears if you really wanna short wait patiently for the entry, semis sector usually leads the market down. Grab the safe entry n let it run for you. Just, just don't be a hero
or pretend to be the only one that understands the macro economy and market. I honestly hate to see short squeeze keeps pushing this evil market higher and higher.
For some reason semis are making ATHs again... because trade talks are on again? Hardly any accumulation on this bounce. Careful though, the last time I saw a three drives in spring it went for a blowoff top before reversing back down to complete the pattern. A close below 118 would be confirmation if you wanna play it safe.
SMH has been leading the market bullish setting a higher high in April far in advance of the general index's. With current momentum pointing higher and with a strong upward trending stoch the 1.618 fib extension seems in reach. The may pullback has experienced a bullish reaction bouncing out of the high volume area of the volume profile. With price so high in the...
$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...
Sold the short iron condor as follows
Sold the 117 calls, Bought the 118 calls
Sold the 110 puts, Bought the 109 puts
Exp this Fri, 7/5.
1.7% outside the top bollinger, needs to just consolidate here or even some profit taking into the holiday is expected
Shooting star on the daily is forming, clear profit taking since the open
.786 fib resist is...