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Upside Reversal in SMH


Slowly, almost in a sneaky way, the SMH has reversed to the upside off of its earlier pullback low at 34.51 to 34.93, which represents a successful test of a cluster of moving average support between 34.60 and 34.30.

If today's upside reversal can be sustained, and can hurdle yesterday's high at 35.13, the SMH should accelerate to test more important resistance at 35.50/70.

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