Will Semiconductor Stocks Send A Trick Or Treat Message To Tech Sector?

2022.10.31 17:17

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Tech is extremely important to the broader stock market and has been a market leader over the past decade-plus.

But as October comes to a close and the masses welcome Halloween, we look within the technology arena and focus on a key technology leader: The Semiconductors.

Below is a long-term monthly chart of the Semiconductors Sector VanEck Semiconductor ETF (NASDAQ:). A very clear rising trend line has formed as marked by (1). This trend line has been tested several times at each (2) and held.

Long-Term Monthly SMH Chart.

SMH is currently testing long-term support at (3), where it may be creating a “Doji Star” reversal pattern.

Trick (bearish) = tech leadership breaks price support at (3).

Treat (bullish) = tech leadership holds price support at (3).

It’s Oct. 31st and the close for the end of the month seems quite important, as a test of strong support is in play!

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