Taking a look at the SMH chart shows a very good potential "measured-move" . . . with a nice set-up and near a major support level of 38.55 - 38.41 For example: From the 2/19 high of 43.82 down to the low of 2/23 at 39.97, we see a move of 3.85 points. Take the recent high of 42.55 on 3/1 and subtract the 3.85 points from the first leg down to get your "measured-move" target of: 38.70 Today's low so far: 38.77
Still at the target, and held up very well. At the highs from the "measured-move" target of 38.70 the SMH was +1.00 intra-day. At the very least, look for another intra-day run tomorrow, and perhaps even a stronger close.
This thread should be retitled: "waggie--making a new low?" answer- YES! Look at him talking to himself after chastising other reputable ET members for doing the same. waggie--how does it feel to consistently start threads that get ZERO response??
Atleast I have actually stated a specific form of technical analysis that is well recognized by all technicians, the "measured-move", as opposed to your useless claims and inconsistent opinions, backed by nothing, zero. Weren't you the one on Monday who said the following: "But I do agree that we are in a range. But the facts are that the S&P is at a 52 week high, so it's hard to say it has run out of gas." Yes, that was a great call!
Looks good to go today. Opening at: 39.16 VAR and CRL also show great relative strength from yesterday.
Looking good thus far with decent intra-day support at the 39.20 level, but the index really needs to start trading above the 39.86 area of yesterday to really get the ball rolling to the upside.