2024-06-24 20:20:00 ET
Summary
- The theme of the past couple of weeks has been the S&P 500 pressing higher in spite of weak breadth.
- With the likes of Nvidia down 5% on the day (and down 14% since last Tuesday's high), the semiconductor ETF (SMH) is testing the uptrend that has been in place since its April lows.
- Since its closing high last Tuesday, SMH is down 7.2%. Although it's a significant decline, it's only a small dent in what has been an incredible rally over the past year.
The theme of the past couple of weeks has been the S&P 500 pressing higher in spite of weak breadth. Today, the script has flipped, as the S&P 500 is down only a few basis points even though breadth is strongly positive with advancers outnumbering decliners better than 3 to 1....
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Semis Smoked