The original post was,
Semi Conductors Look to Bounce from July 24th (last Thursday).
I suspect SMH will bounce here shortly,
I personally would prefer not to play anything other than call options on a speculative basis seeing how fast things change in this market and all of the macro data coming this week. If I did play an SMH/Semi-Conductor bounce, needless to say, it would be on a speculative position size basis.
Since last Thursday SMH has lost more ground, but also built a larger divergence in to lower prices...
SMH 2 min trend since the 24th which is leading positive.
The 5 min is also leading positive with emphasis on today's intraday lows which also saw increasing volume, something I look for in short term reversals (short term oversold).
The 10 min chart is the most impressive with a leading positive divgerence that started today, at 15 min there isn't anything of interest.
As to the larger picture...
The 60 min chart shows good confirmation of the uptrend and then goes deeply leading negative showing strong distribution,
the highest probability play for those with some patience is to sell short in to the bounce, however a hitch-hiking long can also be played in to higher prices until the short is ready to enter. If I decide to take on any hitch-hiking longs I'll let you know, otherwise I see the larger trade/set up a short in to better prices lowering risk.
The intraday 1 min chart suggests some intraday pullback before anything happens on the upside so if you are interested in a hitch-hiking long, you'll likely get a better entry on a pullback from here very short term/intraday.
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