We have spent countless times on research highlighting the turn lower in the tech-leading Semiconductors.

It’s been nearly a year and the Semiconductors Sector (SMH) has endured quite a fall.

Can bulls swoop in and save the Semis? If so, it needs to happen soon!

Today, we look at the long-term “monthly” chart of the Semiconductors ETF SMH. And, as you can see, it’s been a rough go the past 12 months with the Semis losing nearly a third of its value!

More important, though, is that SMH is testing 6-year rising support at (1). In fact, it’s spent parts of the last two months poking around this all-important support trend line.

In my humble opinion, it is critical for leadership to hang on to support here, as the next support level is a long way down.

(Click on image to enlarge)

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