SMH closed 2.05% down, back inside the inclining parallel channel that has held price since April 2025 lows; a bounce to retest the top of the parallel is anticipated, conditional on continued downside into that channel tomorrow.
BullishHe framed it in days
“Tech Pressure Continues: NVDA Weekly Topping Tail Signals Pullback”
Verified InvestingPublished Oct 12 · 3 passages
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Now we see here with the SMH nice down day today. You can see the tech cleanly having difficult today on the SMH down 2.05% 05% closing back within this inclining parallel channel that held price tightly ever since the April of 2025 lows.
I'm going to get an idea as to where we're going to find near-term support from the dip that's occurring here on the SMH.
That 618 level is where I'm anticipating SMH to get that bounce to retest the top of the parallel. if in fact we do continue down into that parallel tomorrow.
What this channel has said about $SMH
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2026-10-12BullishThis one
Now we see here with the SMH nice down day today. You can see the tech cleanly having difficult today on the SMH down 2.05% 05% closing back within this inclining parallel channel that held price tightly ever since the April of 2025 lows.
2026-10-08
Next, we move on to the SMH index. The SMH index recovered well today from its lowest levels. Now, this previous resistance has turned into a support level. And that worked very well today. It broke through easily, but look at the amazing recovery to close again near that resistance line. So, so far, the SMH index has not necessarily collapsed. In fact, the other charts did not collapse either. It is simply in a warning zone, so to speak, because the conflict zone that we just broke through and found support on was the 618 Fibonacci retracement level from this peak to the trough on the chart. This is the 786 level, so you can see that we have been advancing towards the next level, and the price is doing its best to start consolidating within this range.
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