Ignoring the 66% of Nasdaq stocks trading above their 50-day MA which suggests an intermediate top marking a 3-6 month high is imminent (bear market tops typically occur when 60% or more of stocks trade above this average), there is a nice play at work in the semiconductor ETF. The past 4-months of consolidation looks to be history and there should be good demand on any drop below $19.30. Next resistance around $21.10. I've made a whimsical call for a push to resistance with a stop below $19.30; register to make YourCall.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website