Good morning: last week we mentioned that we were seeing some bearish SELL signals coming in an specific area of tech-
Today we highlight SMH- as “Major” Daily SELL signals fire within a fairly bearish T/A set up from our perspective. We see this a potential “reversal pattern” for SMH- as opposed to a “continuation pattern” – A mini H&S like pattern…
The attached schematic indicates this area of the MKT/Tech could come under pressure over the next several days/weeks. *Additionally, many of the names within this group are firing SELL signals as well-
Traders/PM’s are advised to lower long exposure to SMH- and even consider a tactical/technical short position lasting into early July-
- Don’t shoot the messenger- I’m just relying what the algo’s are telling me….
- We put a BUY on SMH 54 before anyone was looking at them 2 years ago… just saying.
Here is the latest daily schematic-