Will Semiconductor Stocks Send A Trick Or Treat Message To Tech Sector?
2022.10.31 17:17
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!
