The stock market has been on an incredible run.
And as we have pointed out several times, that bull market run higher has been lead by technology stocks. More precisely, semiconductor stocks.
So with the stock market indices taking a pause, it makes sense to monitor areas of market leadership. While they lead us higher, they also can signal concern.
Today we look at a “weekly” chart of the Semiconductors ETF (SMH). Should active investors be concerned here?
SMH created a bearish reversal at its 261% Fibonacci price level… this also occurring over the first day of summer and a full moon! And the Relative Strength Index (RSI) looks to be creating a bearish divergence.
Will any of this goofy stuff matter? It doesn’t matter… until it does. Stay tuned!
Semiconductors Sector ETF “weekly” Chart
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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
