Semi Seasonality:
Looking at the chart below of how the semis have acted on a MONTHLY the last few years, it may be a good sign that some wind behind its back could be on the way. The May-August period is the best behaved on an annual basis. Some names behaved well Monday, possibly in anticipation of this with the likes of ON QCOM NXPI KLAC INTC AVGO NVDA LRCX, and MPWR all up at least 1%, with the SMH CLOSING lower Monday. QCOM and MPWR interest me with the former filling in a gap recently from the 11/3/21 session and MPWR making higher lows since late January and is holding the very round 400 figure nicely here. The SMH needs to step up here as on its WEEKLY chart it has the look of a bearish head and shoulders pattern with the neckline at the 240 number in a formation dating back to last summer. A break ABOVE this pattern could very well see a FAST move to the upside as we know from FALSE moves come fast ones.