$SMH & $AMD Hit Bearish Targets as $QQQ Trend Weakens
$Invesco QQQ(QQQ)$
The narrowing price action in tech set bearish resolution.
The 20DMA is set to cross below the 50DMA, a clear trend shift that seemed unimaginable less than a month ago since semiconductors were going to the moon.
The damage could be worse but some mag7( $Apple(AAPL)$ $NVIDIA(NVDA)$ $Alphabet(GOOGL)$ $Microsoft(MSFT)$ $Meta Platforms, Inc.(META)$ $Amazon.com(AMZN)$ $Tesla Motors(TSLA)$ ) have mitigated it.
News are Catalysts for Technical Conditions
Everything is connected, and the recent events are consistent with two elements I have been documenting in this publication: The high odds of a bullish reversal in oil, and more specifically in $Exxon Mobil(XOM)$ as a high probability setup posted last week considering a bullish reversal validated by a recovery of 139.6 with targets at 143 and extension to 147 (provided in S/R Levels), the stock jumped 6.1% this week closing at 147.4 🎯.
For semiconductors, the bearish conditions have been documented, last Saturday this publication highlighted the gap for $VanEck Semiconductor ETF(SMH)$ at 595 and the loss of key moving averages; for $Advanced Micro Devices(AMD)$ I highlighted the gap a 522 and the shooting star in place. those elements are examples of technical conditions studied.
As example of using levels as triggers we analyzed the implications (bearish destinations) for SMH and AMD if 598 and 541 were lost (547 🎯 and 468.8 🎯 were extended targets respectively, both securities reversed there on Friday).
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