There will be a pullback from here on. The two stocks holding this etf is AVGO and NVDA whereas the rest of the semiconductors, the constituents are already facing the heat trying to play catch up to meet their all time highs.

Yesterday, we see a substantial pull out of money, with each constituents posting an average of 3% decline. We will see more as many investors are selling at the top.

Oil prices will continue to surge back to 90USD and climb to an eventual 120USD as demand will increase due to the upcoming weather changes happening soon as countries refill their stockpile in preparation. 

Treasury bonds are being dumped by central banks. Other countries are already cutting interest rates and will eventually pressure a "collapse" to happen before elections and a stimulus to be rolled out, all in time to save US.

All these, coupled with the banks facing the heat from the stubborn inflationary data, a "tight" labour market, failing businesses, empty offices and consumers not spending, a recession is the softest landing US, can expect.

The semiconductors are very sensitive to Macro factors like interest rates and manufaturing and export data. 

Its imminent but whether its sooner or later, its a matter of days and weeks now.