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TOPIC: Semi ETF (SMH) Hits Long Term Support

Semi ETF (SMH) Hits Long Term Support 2 weeks 5 days ago #11266

  • inthemoneystocks
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Shares of the semiconductor ETF (SMH) tagged a long-term trend line yesterday when it breached $96. This can be seen on the technical chart below. While the panic continues over Covid-19, the semiconductor ETF signals a near-term bounce at least. This likely means the markets could see near-term relief as well, as the semi’s are a leading market indicator. In terms of S&P ETF (SPY) upside, look for a bounce at least back to $271.00. There is a key gap fill at that point that will be big resistance.

See the chart here: https://inthemoneystocks.com/semi-etf-smh-hits-long-term-support-level/

Gareth Soloway
InTheMoneyStocks
Chief Market Strategist
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