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Semiconductors (SMH)have been bullish leaders over the broad market since the lows in 2009. Over the past 9-years, SMH has nearly doubled the upside gains of the S&P 500 and has been stronger than the NDX 100 as well.
The 500%+ gains since the 2009 lows have SMH testing the highs of 2000 at (1). While testing the 2000 highs this year, SMH has created a few monthly reversal patterns. Even though these reversal patterns have taken place, sellers have not been able to gain the upper hand.
The bullish trend for SMH remains intact.
It would take a break of support at (2) for this leading tech ETF to send a bearish message to the broad market.
VanEck Vectors Semiconductor ETF (SMH) was unchanged in premarket trading Tuesday. Year-to-date, SMH has gained 8.12%, versus a 6.13% rise in the benchmark S&P 500 index during the same period.
SMH currently has an ETF Daily News SMART Grade of
A (Strong Buy), and is ranked #16 of 68 ETFs in the Technology Equities ETFs category.
This article is brought to you courtesy of Kimble Charting Solutions.
Source : https://etfdailynews.com/2018/08/14/semiconductors-again-testing-dotcom-era-highs-smh/268