AI
Wednesday, June 27, 2018 12:10:24 PM
The Semiconductor ETF $SMH Is Falling And Here Is Where It's Going
Today, the VanEck Vectors Semiconductor ETF (NYSEArca:SMH) is declining lower by 0.52 to $103.17 a share. This important ETF represents the semiconductor sector which is often a leading indicator for the tech heavy NASDAQ Composite. It should be noted that the SMH has lagged the NASDAQ Composite recently and that is generally a bearish indication for the tech sector.
A couple of days ago the SMH tested it's 200-day moving average around the $102.00 level. Should the SMH close below this key support level it would indicate more downside in the near term. The next major support level for the SMH would be around the $95.50 level. This support area is where the SMH pivoted and bottomed on April 25, 2018. This area should still be major support when retested.
Nicholas Santiago
InTheMoneyStocks
Today, the VanEck Vectors Semiconductor ETF (NYSEArca:SMH) is declining lower by 0.52 to $103.17 a share. This important ETF represents the semiconductor sector which is often a leading indicator for the tech heavy NASDAQ Composite. It should be noted that the SMH has lagged the NASDAQ Composite recently and that is generally a bearish indication for the tech sector.
A couple of days ago the SMH tested it's 200-day moving average around the $102.00 level. Should the SMH close below this key support level it would indicate more downside in the near term. The next major support level for the SMH would be around the $95.50 level. This support area is where the SMH pivoted and bottomed on April 25, 2018. This area should still be major support when retested.
Nicholas Santiago
InTheMoneyStocks
