$SMH Semiconductor ETF Holds Trendline

Lots of pain among the tech bulls in recent weeks and the SMH has been the cause of much of that pain.
Despite a unprecedented demand and pricing power the sector is unable to meet demands as deep rooted politics has caused supply chain issues.
Earning beats have been ignored as guidance has failed to overwhelm analysts and investors.
This week we must look for strength in AMD and NVDA in particular, both companies have seen considerable outflows and attempted rallies have been rejected fast.
On a positive note the SMH has maintained its March 2020 uptrend, it retraced and held the 0.236 Fibonacci level and also held the 100ma (ema) .
All 2 of these supports is now the line in the sand for us, below these supports trouble is ahead.

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