SMH shows long term signs of trouble
SMH fails to make new highs since July peak going into sideways trend. This paints a picture of a long term reversal to bear side coming
We could be simply looking at a pullback in time as ETF takes a breather from July peak, before rallying continues. The other alternative is that this may be distribution phase of a high risk sector preparing for a huge sell off.
- Comparing OBV trend with the March and July peak, we see that OBV diverges downwards while price continues indicating reversal
- After severe sell off in August, we see that price trends sideways failing to make new highs
- The sideways trend is during a typical rough time of the year, so weakness and volatility is expected
- Nov and Dec normally bring in strong rallies
We could be simply looking at a pullback in time as ETF takes a breather from July peak, before rallying continues. The other alternative is that this may be distribution phase of a high risk sector preparing for a huge sell off.
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