Jun 21

New Upleg for SMH?

The big picture of the Semiconductor HLDRs ETF (AMEX: SMH) shows today's action has the potential to represent a key upside reversal day, which I will view as the start of a new upleg that projects next into the 39.20/50 target zone, likely on the way to confront 40.00. Only a break of today's intraday low at 37.70 will wreck the developing scenario.
Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!