Jul. 20 at 8:50 PM
$SMH
Semiconductors (SMH) - Weekly (*)
The larger concern for the bulls is that price rallied into the
$611 -
$620 resistance zone in early July, produced a notable upper-wick rejection, and then followed with a bearish 7/13/26 reversal week that closed near
$556, suggesting sellers became active at higher levels. From a weekly structural perspective, the
$552 -
$550 area appears to be the key support zone, and likely line in the sand. A successful defense of that level, coupled with a reclaim of the
$567-
$570 area on a weekly basis would support the case for consolidation- within the broader uptrend- and preserve the potential for another test of
$611 -
$620 resistance above. Conversely, a decisive weekly break and close below
$552 and the round psychological
$550 level, particularly if accompanied by weakening RSI /deteriorating momentum, would shift the bias towards more bearish and increase the odds of a deeper corrective retracement.
(* Final weekly 7/20/26 print TBD)
