SMH shows relative strength but needs technical confirmation above key levels to sustain a rally toward $600+.

Right on the SMH, SMH comp uh performing extremely well compared to the Q's and the S&P up around 2%, guys. Not quite filled that gap from Wednesday, right? But a 2% move up uh is not too shabby for uh the semiconductor industry, right?

And speaking of downs sloping trend lines, we have this really, really key downstoping trend line that we just broke above today. You can see we've tested it here, here, here, broke above it, right?

Actually opened up above it, came back down, right? Went below, retested it, and now are looking to potentially break above it.

We want to see confirmation above basically above this down sloping trend line and above 580 and potentially right we can see a move higher closer to that $600 610 625 region on the SMH

and I've said this for a while right part of the reason the S&P and the Q's kind of decoupled is the semiconductor industry isn't as hot as it once was right you can you can definitely see that in the charts right the Q's 4% from all-time highs.

The uh S&P right there and the SMH down about 15%.

15% for you know what was definitely thought of to be the most you know uh important industry or sector rather in the stock market. Right? So, it's going to be interesting to see if the SMH can hold this level, close above, and continue to push higher closer to the 600ish level, especially at this high pivot here from the 17th of August.

This for me is the make or break it um area. If we can get above there, you know, I'm I really think it can go significantly higher, but that's going to be a huge test for the SMH.