Market Analysis (29 June’21)

The semiconductors ETF – SMH – has broken out to the new all time highs today after forming a Bullish Wedge pattern since early 2021. At the same time, the weekly TRIX indicators has provided a new Buy Signal.

SMH, weekly

Should SMH hold above the $260 level during the next several sessions, the odds will favor higher prices for the semiconductor ETF. This should also provide additional fuel to the tech stocks in general and keep Nasdaq in a bid territory.

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