Shares of the semiconductor ETF (SMH) tagged a long-term trend line yesterday when it breached $96. This can be seen on the technical chart below. While the panic continues over Covid-19, the semiconductor ETF signals a near-term bounce at least. This likely means the markets could see near-term relief as well, as the semis are a leading market indicator. In terms of the S&P ETF (SPY) upside, look for a bounce at least back to $271.00. There is a key gap fill at that point that will be big resistance.
(Click on image to enlarge)
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