After a sideways period of consolidation that lasted more than four months, semiconductors enjoyed a nice rally to kick off the week as the VanEck Semiconductor ETF (SMH) rallied nearly 2.5% to a record high yesterday.

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Below we highlight the performance of each individual component of SMH from our Trend Analyzer. While some stocks have clearly done the heavy lifting in the breakout to new highs, it’s pretty impressive to see that all 25 stocks in the ETF had positive returns over the trailing five days. Leading the way higher, both NVIDIA (NVDA) and Micron (MU) have rallied more than 8%, but another nine stocks in the ETF have gained more than 5% over the last week.

Despite the more than the four-month sideways range for the semiconductor sector, it’s been a very good year for most of the stocks held in SMH. Just four of the holdings (QCOM, AMD, XLNX, and OLED) are in the red YTD, while the average gain of all 25 stocks is more than 17%. Leading the way higher, Applied Materials (AMAT) and NVIDIA are both up over 50% while four other stocks have tacked on 25% YTD. As a result of the big gains in the last week, the majority of stocks in the SMH ETF headed into today at overbought or extreme overbought levels, and all 25 stocks are above their 50-DMA.  

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