$SPX, $AMD, $SMH — Rally Masks Weak Breadth
$S&P 500(.SPX)$ The pullback to the 20DMA following the bearish Stochastic crossover seems delayed, at least for today, since $Advanced Micro Devices(AMD)$ rallied 26% along with several other stocks in the SPX.
However, overall stock participation deteriorated. What happens tomorrow when those high-flying stocks begin to consolidate?
Stock chart displays SPX daily candlestick price action with overlaid moving averages including 20MA in green and 50MA in blue rising trend from left to right.
Right panel lists SPX components percentage changes with AMD at 26 percent gain in green $SUPER MICRO COMPUTER INC(SMCI)$ at 24 percent green $Broadcom(AVGO)$ at 15 percent green others mixed. Bottom panels show volume bars and RSI indicator oscillating around 50 level. SR watermark appears on chart.
$VanEck Semiconductor ETF(SMH)$ : Sometimes evening stars are followed by consolidations or pullbacks, and sometimes the RSI at 83 is overheated.
Stock chart for SMH on daily timeframe displays candlestick price action with yellow 5 MA, orange 10 MA, and blue 20 MA lines overlaid, green and red volume bars at bottom, RSI indicator below main chart with value at 83 highlighted by red circle, S/R watermark in center, price scale from 180 to 260 on right, time axis from July to October 2024 at bottom
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