After a sharp decline last week, the Market Vectors Semiconductor ETF (SMH) formed with a small rising wedge the last six days. These are typically bearish continuation pataterns and a break below 34.5 would signal a continuation lower. The indicator window shows the
KST momentum oscillator moving below its signal line last week.
Click this image for a live chart
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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