$GOOG Faces Downside Risk as $SMH Enters Correction Territory
Three charts to watch as tomorrow’s PPI data approaches.
Oversold conditions could trigger tactical bounces, but the broader technical picture remains cautious.
🔹 $Alphabet(GOOG)$ — A higher low today adds another point to the uptrend, but bearish momentum suggests downside continuation could follow tomorrow.
A break below the 20-DMA would weaken the structure and open the way toward the lower Bollinger Band at $333. That level also aligns with a key monthly level and an ascending diagonal.
🔻 $VanEck Semiconductor ETF(SMH)$ — Semiconductors have entered correction territory, falling 12% in just six trading sessions.
The rapid decline is pushing prices toward oversold conditions. A gap down tomorrow could trigger a tactical bounce or reversal, but the broader structure still favors further downside. PPI is the next key catalyst.
🎯 $Roundhill Memory ETF(DRAM)$ — Looking oversold relative to its Bollinger Bands.
The oscillator is curling upward from oversold territory, a signal that has been constructive in recent sessions. A relief bounce is worth watching, although confirmation from price action is still needed.
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