SMH faces bearish technical pressure after rejection at the 50-day MA and trend line; next support is $532.08.

I've done this with this SMH in the past.

Next up into the SMH guys, look at this decline 2.05% continuing to get rejected by this declining trend line. Pushing price further back within this parallel channel one that I remind you and the viewers a parallel channel dating all the way back to the liberation day lows.

Now I flip on the moving averages and this is what we've been tracing. This is what we've been following because I've clearly said if and when we have price get above this blue 50 moving average on a daily time frame and push through with follow-up conviction, then we would get into more bullish scenario territory for the semiconductors.

We had one day close above that 50. All of the rest has since been a technical rejection from that area of resistance. We clearly see now we're extending the distance away, allowing spacing to develop between this 50 and the 20, further strengthening the push on the move down for the semi.

So, the next area of support comes right here on the 50% area of this parallel channel, $532.08. Any sort of near-term bounces that you see after hours, we are lifting up off of Dell, which we'll take a look at here in a few moments.

Resistance will be right here on this declining trend line near term at 558 and 2 cents.