Don't Ignore This Chart!

SMH challenges summer highs

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The Semiconductor HOLDRS (SMH) continues to show relative strength as it surges to its summer highs. Reaction highs in June-July mark a resistance zone around 28.7. The indicator window shows the price relative (SMH:SPY ratio) bottoming in early September and moving higher the last 4-5 weeks.

101012smh
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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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. Learn More
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