SMH faces resistance at 60758 causing a technical pullback, but maintains a near-term breakout structure with support at $585.15.

And where that makes sense though, guys, is really on the SMH. Now, we were down 1% today. Look though how far we are from the all-time highs. Much different scenario than the S&P 500 as well as the NASDAQ.

NASDAQ we just made brand new all-time highs. So the SMH has a much larger way to go to recover some of the ground that they've already given up.

So into the semis we see we did a fantastic job breaking out not only of this declining trend line but we broke out of this parallel channel. Now any sort of selling pressure will find first levels of support with the SMH right here on the top of this parallel channel at $585.15.

For new viewers this parallel channel guys starts all the way back at the liberation day lows in April of 2025. You can see how clean we marched up in this very tight channel before we breached it this year when the war broke out in the Middle East.

And then we just continued rallying all the way up, creating a 294% gain since those liberation day lows. A very big push considering what we had done on the SMH and previous big rallies, pushing up 232%, 239%.

This one said, "Forget the 230s, let's go to 294." And that's just an incredible run that the SMH has had.

And as I said, down back at the daily time frame, still maintaining a near-term breakout from both the parallel and the declining trend line. This 60758 level, guys. Whether that's copper, whether that's uh the SMH or whether that's the NASDAQ, it doesn't matter.

Throw up your fibs, enlighten yourself, help you vi help your vision capture the next resistance as well as support levels. So, what I'm talking about right here on the SMH, very simple to do right from the all-time highs down to the bottom, the near-term bottom.

And where does that come up? That comes Oops, here. That didn't click on the top. Boom. There we go. Right at 60758. That's that fib 618 retrace level. We should be experiencing resistance there on any sort of push up, especially a pushup much like this.

That's rapid that was 1 2 3 4 5 6 7 days from the low right up until the near-term high. And thus, we've seen some pullback. So, this is just a technical pullback regardless of what's going on in the rest of the markets.

The semis were due for a little bit of a pullback today.