SMH as a 2-Headed Monster
But, aren't semiconductors in every product manufactured???
Just a quick note...
As the Prof.'s talk and toss the possibility of the NDX churning and burning, I thought I'd show one of the major players in this index. - The SOX. Actually I'm using the Semiconductors Holders Trust (SMH:AMEX) so we can get a look at relative volume.
ST the SMH is making a Two Headed Monster. This is a Head & Shoulder Top with 2 heads. Some Techies may call this a Double Top with Handle - I say tomāto, you say tomăto. The only major difference between the two is by going further back you can see another shoulder.
This is NOT a good pattern for Hoofy.
Looking at a weekly chart the SMH has already broken its IT Trend and retested the Floors and Ceilings. The chart also shows HUGE Supply coming in since Mid-December and a Large SD (Stochastic Divergence). There are many intervals of support that follow any break; however, Major Support resides at $33.00.
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