Many Wall Street analyst will say there are no bull markets without the Semis. We have been going sideways for a few months. We are in a range within a major upward trend in the markets and the 
SMH ETF. The same looks in the charts of 
NVDA, 
AVGO etc.
In this chart we plotted an upward trending parallel channel. TheSMH price have been within the parallel channel sweeping the upper and lower bound in this multiyear bull market. This is also evident here. But since hitting an ATH in July 2024. It has been sideways since then. It is forming a consolidating wedge pattern which can break either way. But usually, such consolidation pattern breaks in the direction of the underlying market trend.
LongSMH now and here when in consolidation pattern.
SMH ETF. The same looks in the charts of NVDA, AVGO etc. In this chart we plotted an upward trending parallel channel. The
SMH price have been within the parallel channel sweeping the upper and lower bound in this multiyear bull market. This is also evident here. But since hitting an ATH in July 2024. It has been sideways since then. It is forming a consolidating wedge pattern which can break either way. But usually, such consolidation pattern breaks in the direction of the underlying market trend. Long
SMH now and here when in consolidation pattern.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.