SMH exhibits bullish accumulation and strong technicals capable of withstanding high yields, facing resistance at 607.58.

Now we move on to the SMH fund. Guys, just a reminder that I often like to gauge my risk based on market sentiment using SMH and how well it performs. Today, yes, we're down 1%, but look at this daily chart.

We are doing well even with our decline amid these high returns on the chart.

Do you see SMH here? What is this, guys? This is an upward accumulation . In fact, if you recall previous episodes of " Closing Trade", SMH has gone through a series of short-term breakouts on the chart.

The first was at the downtrend line that the price broke through, the second was when we broke through this parallel ascending channel , and finally the moving averages, where we crossed the 50- day moving average, the daily blue average on the chart.

In addition, the 20- day average is now starting to take its rightful place above the 50-day average.

So, this graph actually looks great, guys. It looks very good and seems capable of withstanding high returns. In fact, this bullish accumulation is further confirmed by the lower wick of today's price movement.

So, semiconductor stocks are performing very well, folks. They are facing technical resistance at the 607.58 level, and I remind you that you can determine these levels yourselves.

Look at this. Just use my Fibonacci retracement tool, and place it here on the chart. You can see where the gradual resistance levels will be. Match it with the previous areas on the graph to get a clearer picture.

Guys, that definitely makes sense. Look at these low pivot points from June. Also here is resistance at the 618 correction level, which has held back the price over the past week and a half.

Breaking through this level will take us to 635.54. An interesting development is taking place here at the SMH fund.