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
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.