$SMH

SMH breaking out of parallel channel; close above today's candle flips resistance to support, targeting $635.84.

BullishHe framed it in days

“Yields Hit Banks as Head & Shoulders Patterns Trigger”

Verified InvestingPublished Oct 1 · 3 passages

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SMH up over 1%. That was really having tailwinds from earlier this week when we had economic data that showed that the uh PCE, which is the inflation gauge for the Fed, that is coming in a little bit cooler.

Plus, we've got hot jobs reports, which is giving room for the Fed to go ahead and hike rates.

Next up into the semis. Now guys, hey, I've I've given you a heads up about this. We walked through the semis uh from being somewhat bearish, getting rejected, getting uh uh pushed down further on the charts, matter of fact, getting back into old parallel channels, and then we walked you through step by step.

Everybody can do this, too. Just draw some simple lines on your chart. And you can see how the SMH is progressing to break out. And guys, it's continuing to do so. Now, today getting above the 618 fib retrace from the all-time high down to the most recent low that occurred in July. as in I can show you and just draw it here on the chart.

It only takes me literally a couple seconds and you can see clearly we consolidated right here for several trading days today putting in a daily close above that realm of consolidation.

That's a very positive move. And what's that on the back of guys? That's on the back of MU earnings not collapsing in the market. It pushed up. They did so slightly which allowed the rest of the other SIM and AI tech plays to just push up higher on the charts. breathe a sigh of relief that MU didn't get knocked on its earnings report.

So, nice push up on the SMH. We'll see if we can push up tomorrow. And if we do and close above today's candle, this level of resistance will flip from resistance into support and then target this next upward uh level at $635.84.

Guys, this is one of the most amazing signals as guys, it occurred on the SMH as well. If I flip to the weekly time frame, it occurred right here, guys. So, this this signal can can pull down the most powerful uh sector in the markets,

Watchpoints

daily close above today's candle

What this channel has said about $SMH

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2026-10-01BullishThis one

SMH up over 1%. That was really having tailwinds from earlier this week when we had economic data that showed that the uh PCE, which is the inflation gauge for the Fed, that is coming in a little bit cooler. Plus, we've got hot jobs reports, which is giving room for the Fed to go ahead and hike rates.

2026-09-29Bullish

Speaking of areas continually getting hit, guys, this 618 fib retrace the 60758 on the chart on the SMH continues to get pounded. You see today we opened above it, even pushed higher looking like we were trying to close above, but not yet again today. We still haven't done so on the push up. And I want to remind any of the old viewers as well as new viewers, we've been following this breakout ever since price action broke above this declining trend line. We had a series of breakouts for the SMH to accomplish to get to the point that we're at. And look, we're putting in bullish consolidation. That is the best scenario that you want to see after a breakout from the declining trend line, a breakout from this parallel and maintaining a breakout above the key moving averages with the 50 moving average now comfortably under the 20. Getting into a healthy spacing scenario, creating space for price to go higher on the charts.

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