We have spent countless hours highlighting the consequences of a turn lower in the tech-leading Semiconductors. It’s been nearly a year, and the semiconductors sector has endured quite a fall.
Can the bulls still swoop in and save the Semis? If so, it needs to happen soon.
Today, we look at the long-term monthly chart of the VanEck Semiconductor ETF (NASDAQ:SMH). And, as you can see, it’s been a rough go the past 12 months, with the Semis losing nearly a third of its value.
More important, though, is that $SMH is testing 6-year rising support at (1). In fact, it’s spent parts of the last two months poking around this all-important support trend line.
In my humble opinion, it is critical for leadership to hang on to support here, as the next support level is a long way down. Stay tuned.