$SMH Nears $504 Support, $AMD Faces Earnings, $AAPL Tries to Repair a Broken Trend
Three charts caught my attention heading into this week.
The semiconductor trade is approaching another key test, while $AAPL is beginning to show signs of a longer rebuilding phase after its recent reversal.
Here's what I'm watching on $SMH, $AMD, and $AAPL.
1. $VanEck Semiconductor ETF(SMH)$
Price action reversed on Friday from the 20 day moving average for the third time recently.
If the move repeats its previous sequence, the lower Bollinger Band is the destination once again, resting today at $504.
Different this time?
2. $Advanced Micro Devices(AMD)$
AMD earnings this week.
The rally faded last Friday when the price faced rejection at the 20 daily moving average.
Decline to the lower band and bounce again?
Semiconductors have a lot to prove next week.
3. $Apple(AAPL)$
Following the completion of my anticipated bullish target at 343 🎯, the bearish reversal setup was documented on Wednesday 🎯.
Both moves were accurate. A gap fill attempt may come, but there is significant damage in the structure. It will take months to recover the top.
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