Candle Clairvoyance:

The semiconductors were a huge reason why technology got off to a rousing start in 2023 with the Nasdaq jumping more than 10%. NVDA doubled in a few short months and it has been unable to break above its bull flag pivot of 280 and keep in mind the longer it takes to attempt that the less likely it is to occur. AMD has backed off the very round par number quickly and ON a former leader lost its 200-day SMA Thursday, although it did fill in a gap from the 1/20 session. Even the lowly regarded INTC, which has rapidly backed off more than 10% in the last few weeks did its part with a huge month of March. Below is the chart of the SMH and we mentioned candles being “clairvoyant”, and of course that should be taken with some humor, as technicians believe PRICE is omnipotent, but they can be very useful. On 4/3 a bearish harami cross was completed at one-year highs, and that pattern which highlights indecision at the least, and a probable change in the prevailing direction was a solid call. Bulls have a hammer candle to play against Thursday now on the long side.

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