Semiconductors / $NVDA

$SMH $NVDA

SMH 0.00%↑ right back at same level from July. With catalysts this week around he CE conference, the level to watch in SMH 0.00%↑ is ~$262. There’s about 7.5% upside to retest former highs from there.

NVDA 0.00%↑ is in a similar position. It’s the SMH 0.00%↑ largest component, and ran close to it’s prior all-time high from November, before pulling back.

These two are going to breakout or fail together. Sentiment seems bullish, though I’m not convinced yet. I think this week provides the stepping stone for the next move in either direction.