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Momo Crowd Buying Semiconductors Ahead Of Nvidia Earnings, Biggest Payroll Revision Since 2009

Benzinga ·  Aug 22 23:07

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Semiconductor Buying

Please click here for an enlarged chart ofVanEck Semiconductor ETF(NASDAQ:SMH).

Note the following:

  • The chart shows the moves in semiconductors after priorNVIDIA Corp(NASDAQ:NVDA) earnings.
  • The chart shows that semiconductors traced a double top, which is a negative pattern, and then dropped to the support zone.
  • The chart shows that semiconductors bounced off of the support zone.
  • RSI on the chart shows that semiconductors are overbought. Overbought markets tend to be vulnerable to the downside.
  • The momo crowd is aggressively buying...
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