— Rob Moreno (@rightviewrob) June 28, 2021
Today’s Chart of the Day was shared by Rob Moreno (@rightviewrob). It’s a daily candlestick chart of the Semiconductor ETF, $SMH, over the past nine months. The top holdings in this ETF include $TSM, $NVDA, $ASML, $QCOM, and $INTC. Rob points out that this Semiconductor ETF smashed through resistance in today’s session, and closed at an all-time high for the first time in more than two months. As you might know, Semiconductors are the chips found in virtually every electronic device. Due to their widespread use, Semiconductor stocks often act as a leading indicator for both the Technology sector and the broader stock market. Seeing this bellwether industry group breaking out to record highs is anything but bearish. Remember; you can’t have a party without the chips!