Semi Surge Forthcoming?

Software has been the best sub group within technology for sometime, but the semiconductors are trying to make a statement here. It is still a nascent move but this week the SMH thus far is nearly tripling that gain of the IGV, and over the last one month period semis are edging out software, up 8.1% while the IGV has gained 6%. NVDA sits just 2% off most recent all time highs, and even AMD seems to be making a stand at the very round 50 number for the third time since breaking above the figure on 4/13. Monday recorded a bullish hammer candle that was well underneath 50 intraday, and Tuesday displayed nice follow through. Two favorites of mine in MRVL and IPHI are acting well with the latter finding nice support at a rising 50 day SMA the last 5 days. It is now carving out a cup base pivot of 127.89. MU was one of the stars today up nearly 5%, like AMD recouping the round 50 number. XLNX will most likely be dealing with the very round par number, as it backed off there Tuesday, but is trading right at a cup with handle pivot of 98.27.

This article requires a Chartsmarter membership. Please click here to join.