Upside Reversal in SMH

Slowly, almost in a sneaky way, the SMH has reversed to the upside off of its earlier pullback low at 34.51 to 34.93, which represents a successful test of a cluster of moving average support between 34.60 and 34.30.

If today's upside reversal can be sustained, and can hurdle yesterday's high at 35.13, the SMH should accelerate to test more important resistance at 35.50/70.


  Matched “”
x
Try Us Free For 14 Days!
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!