The Semiconductor ETF (SMH) is acting a bit sluggish so far today, but, that not withstanding, the near-term pattern continues to point higher, and the price structure should accelerate once near-term resistance is hurdled between 37.15 and 37.25. My next optimal target is 38. Only a break of 36.80 will begin to compromise the timing of the expected upside breakout.



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.