Semiconductors Are Down But Not Out
The Semiconductors Holders Trust (NYSEARCA:SMH) are trading lower by 0.25 cents to $29.51 a share. This ETF is viewed by many as a leading indicator for the tech heavy NASDAQ Composite. When the semiconductor sector shows strength most of the leading technology stocks will generally remain strong. The SMH is trading around a short term support level on the daily chart around the $29.00 area. The SMH will have short term intra-day chart support around the $29.30 and $29.00 levels.
Some leading semiconductor stocks that are holding up well this morning include Sandisk Corp (NASDAQ:SNDK), Qualcomm Inc (NASDAQ:QCOM), and Nvidia Corp (NASDAQ:NVDA). Should the major stock indexes somehow rally higher today these stocks will usually lead the markets. All of these stocks are showing good intra-day relative strength.