Semiconductors kissin' the 200-day, trading at the long-term moving average for the first time since March 31st.
Most importantly, $SMH has been heavily outperforming the total market on a relative basis since the October low.
Return of the risk appetite? pic.twitter.com/FkZQXWyfNC
— Grayson Roze (@GraysonRoze) November 15, 2022
Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze). Its a daily candlestick chart of the Semiconductor ETF ($SMH) over the past year. Semiconductors have been ripping lately. $SMH is up 23.4% in just 8-days, marking its best 8-day run since 2002. Grayson points out that it’s currently testing its declining 200-day moving average for the first time in more than seven months. It kissed it earlier today, but we ended up closing slightly below it. As we know, Semiconductors often lead the broader market higher or lower. The S&P 500 is also within striking distance of its 200-day moving average. How Semis behave here could give us some clues as to how the S&P 500 will handle its 200-day moving average.