SMH - The Top Signal Remains in Play
The Top Signal Remains in Play
Over the last 3 years, shooting stars on the weekly chart for semiconductors $VanEck Semiconductor ETF(SMH)$ have anticipated pullbacks, which are highly correlated with declines in the $S&P 500(.SPX)$ .
This past week, a "hanging man" candle—another reversal pattern—has appeared on the weekly charts for both $SMH and the $SPX. The major index is now printing a weekly reversal signal, and seasonality increases the odds that a pullback is developing.
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