Jul. 22 at 7:37 PM
The unhealthy rotation is still playing out, and today’s action adds more evidence.
$SMH -Retesting a declining 21DMA structure.
$CIBR -Breaking below its 21DMA structure after holding above it for 67 sessions, a meaningful 2.5σ move.
$IGV -Also losing its 21DMA structure.
The groups that were already weak are attempting oversold bounces into declining resistance, while previous leaders are starting to lose momentum.
Maybe
$SMH can reclaim the trend from here, but until that happens, the setup still looks fragile.