SMH held its ground above key support level

Today was an important day for semi conductors. In order to solidify a bullish pivot it needed to remain above a key support level.

• SMH held above key support
  
• lack luster moves across the market indicated indecision and caution amongst traders about the future being bullish or bearish
  
• This could mark the sign of a turn around to the upside longer term
  
• considering the recent rally and today's modest moves, this could be the distribution phase of the rally cycle which would mark a small pullback in the coming days