The primary pattern is definitely bullish going back to the December lows. Since the selloff in May, each pullback in the SMH does not reach the support trendline. Unfortunately, prices have created a new high creating a bearish divergence with the RSI indicator. The dashed purple line shows an intermediate trendline since the price has found strength on the pullbacks. A break of this intermediate line around $120 could lead to additional weakness bringing the price back to the primary trendline around $113.
Semiconductors have been the second strongest tech industry YTD behind only Hardware but they have been slipping over the last six months. Performance weakness may continue.
Semiconductors have been the second strongest tech industry YTD behind only Hardware but they have been slipping over the last six months. Performance weakness may continue.
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Any short taken on this position would have been closed either on Friday before the close or definitely on today's follow-through.