Tech Leaders Test Dot-Com Highs
Chris Kimble | Aug 13, 2018 01:29PM ET
Semiconductors (NYSE:SMH) have been bullish leaders for the broad market since the lows in 2009. Over the past 9 years, SMH has nearly doubled the upside gains of the S&P 500 and has been stronger than the NDX 100 as well.
The 500%+ gains since the 2009 lows have SMH testing the highs of 2000 at (1). While testing those highs this year, SMH created a few monthly reversal patterns. Even though these reversal patterns have taken place, sellers have not been able to gain the upper hand.
The bullish trend for SMH remains intact. It would take a break of support at (2) for this leading tech ETF to send a bearish message to the broad market.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.