Verified Investing on $SMH (Nov 9, 2026)
SMH is expected to rebound short term after a one-candle trend-line breakdown failed to extend and price rose 5.05% today, with an oversold RSI below 30 at peak selling supporting the bounce. About $492 is resistance tomorrow unless SMH gaps above it; confirmation above that level via the descending trend line and April 2025 ascending support still needs monitoring.
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this upward trend line is the line that is currently supporting the price at 655.27 cents within the SMH indicator. This is very similar to the Q Index and the S&P 500 in that we expected a rebound.
But if you look here, this breakdown in the SMH indicator was with one candle below the upward trend line. This second candle did not continue to fall, but rather opened the way for the price to rise again.
This is what happened in the short term in the SMH index. The price rose by 5.05% today. Tomorrow, resistance will essentially be at the high it reached today, around $492 on the chart.
This level is the result of a descending trend line, which shows the initial price breakout point, followed by a subsequent bounce, without bouncing back above the trend line, but rather the price fell through it.
Therefore, if we do not see an upward price gap above this level, it is likely to be a resistance level during tomorrow's trading session. Then, we will start to monitor whether the SMH indicator will confirm its rise above this level via the descending trend line, as well as the ascending support line dating back to the lows of April 2025.
Look at the Q and SMH indicators. Both charts indicate that we have exceeded the acceptable limit, and that we are about to bounce back, supported by the oversold Relative Strength Index (RSI), which was below 30 when we reached the peak of the selling pressure on the SMH index.
What this channel has said about $SMH
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