The big picture of the Semiconductor HLDRs ETF (SMH) shows today’s action has the potential to represent a key upside reversal day, which I will view as the start of a new upleg that projects next into the 39.20/50 target zone, likely on the way to confront 40.00. Only a break of today’s intraday low at 37.70 will wreck the developing scenario.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.