Semiconductor Holders (SMH)
The 50-day MAs are the talk of the town for the various indices. The SOX is stuck below its, but the Semiconductor HOLDRs (SMH) broke through - a nice follow through to Tuesday's higher volume resistance breakout. If this breakout holds it will be good news for the Nasdaq and Nasdaq 100.
In defence of the SOX, it is on the verge of a major breakout of both its 50-day MA and declining resistance from December. If it takes its lead from the SMH and breaks though it will create some room for a nice run to the 200-day MA.
It's not hard to find wags waiting for the next decline, knocking recent market strength. I would prefer to see a more active retest of January lows, but the more I look at this market - the less I think this will happen.
In defence of the SOX, it is on the verge of a major breakout of both its 50-day MA and declining resistance from December. If it takes its lead from the SMH and breaks though it will create some room for a nice run to the 200-day MA.
It's not hard to find wags waiting for the next decline, knocking recent market strength. I would prefer to see a more active retest of January lows, but the more I look at this market - the less I think this will happen.
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Labels: Sector, Semiconductors
posted by Declan Fallon @ 7:01 PM
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