Options777
06-28

Stretching out the chart for $S&P 500(.SPX)$  $VanEck Semiconductor ETF(SMH)$  $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ , the current dip is a minor pull-back and shaking out those who are panicking after the 3 months of all time highs.


The sell-in-may event this year got postponed till mid June because of the Iran war and the world cup. Big boys traders are taking a delayed summer break now thus the money flow is mainly algorithmic by the market makers.  I expect to see more catalysts coming in late July onwards and hopefully we will resume a bullish trend towards mid terms.


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Modified in.06-28
QQQ Gains 1.8% — Did Iran Talks Drive the Dow to a Record High?
QQQ rose 1.76% Monday while the S&P 500 gained 1.48% and SPY advanced 1.42%, as the Dow Jones Industrial Average closed at a record high driven by a combination of Mag 7 strength and declining oil prices. The rally was fueled by optimism around Iran negotiations alongside risk appetite ignited by Trump's commentary. However, the semiconductor ETF just posted its worst single month since 2002, and some institutions are warning this may be a dead-cat bounce. With indexes at record highs while chips remain in the deep end, is this rally built on solid ground?
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Comments

  • pizzi
    06-29
    pizzi
    SMH still looks like a reset, not damage. If flows turn back late July, semis can rip again no?
    • Options777: 
      not sure what does damage means here but SMH is still moving above 30 and 50 day Moving average. the momentum is still going very strong, semis just announced price increase from July onwards, so funds should rotate into Semis, hyperscalers and cloud providers will continue to suffer
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