SMH shows near-term positive structure by exiting and holding above an inclining parallel channel, but lacks confirmation as it failed to break yesterday's high or sustain a move above the 50-day moving average; currently on the edge of potential upside.

Uh next up into the SMH. And guys, I remind you as I do nearly every day, the SMH is my leading indicator. And what were we looking for today? We were looking for price to get up above yesterday's highs and close.

Well, we didn't get that to accomplish on the charts. Cleanly, as you see here, is the daily candle. Yesterday's high was up here at $58057. We didn't even breach that level on intraday trading.

Now, the positive news for SMH is that yes, we've gotten out of this inclining parallel channel by yesterday's price action. Today remained above that parallel channel. So, that's the positive element for the SMH in the near-term.

Also illustrating what I highlighted on the cues that we do have folks willing to jump back into tech regardless of what the macro environment is uh going on in the market. So the other key element guys, we didn't push above nor confirm above this 50 daily moving average.

We closed above it yesterday, basically closed slightly above it today, but we didn't put in any continuation move separating ourselves from this key daily moving average.

This moving average does initiate buying whenever price can get above it and push above and maintain institutions step behind and then start buying some of the breakout. So that's why I'm monitoring this extremely closely.

We are literally on the edge of potential the SMH going higher.