SMH - Major Top Signal
Major Top Signal
Over the last two years, pullbacks in semiconductors $VanEck Semiconductor ETF(SMH)$ have been highly correlated with declines in the S&P 500 $S&P 500(.SPX)$ .
It is therefore significant that a shooting star a reliable topping signal for semis has just appeared. As highlighted in the chart, the follow-through after this pattern has often been impressive.
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