Semiconductor Dignitary:
The semiconductors have been dominant and if technology, which carries a lot of clout even after a tough 2022, is to lead they must be a general. Trade in the SMH has been a bit lackluster with 3 of the last 4 sessions CLOSING at lows for the session, but give its WEEKLY chart credit as it may be carving out a handle on a long cup base in a pattern that dates back to January 2022. Below is the chart of NVDA which is flirting with a bull flag pivot of 240 which has been above each of the last 4 days with just one CLOSE above Wednesday. Of course, the jobs number tomorrow morning will have a big say in this ones direction, it is revealing that it is stalling. One does have to keep in mind this name is looking for a TENTH consecutive WEEKLY winning streak up fractionally heading into Friday, so any pullback may even be prudent. But a decisive move above 240 could see another big leg upward. Peer AMD was holding its own and intraday was above an 86.29 double bottom trigger but faded. Tomorrow is shaping up to be a huge day, and I can make a case for either direction.