SMH forming a long downward trend
SMH failed to make new highs after the last rally and now forming downward trend
SMH is looking like the leader in the tech sell off so far. Recommend preparing your portfolio by rotating out of risk assets over to more defense ETFs
- At the peak of July 10 we have seen a continued decline in SMH overall
- Latest rally peaked in August 21 coming in much lower than July 10
- As SMH gradually sold off it also helped form a strong resistance line painting a long term grim picture
- We are in late cycle investing at the moment. This is helping solidify that the longer term risk assets have begun
SMH is looking like the leader in the tech sell off so far. Recommend preparing your portfolio by rotating out of risk assets over to more defense ETFs
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