The Fed might spark a rally today, even if only briefly. Longer-term, that's a nice top in semiconductors. The target off the top is below $160. The ratio looks good too. The target off the ratio top is right near a long-term support line. Assuming SPY falls to the $370 area, a drop of about 10 percent, SMH would be around $175 at the ratio support. If the sell-off starts soon, the June 210 strike looks good to me, but will go up or down based on market movement. And again, the market could rally quite a bit given the charts. Whenever the market reaches a point where a move lower opens a freefall, there have been violent rallies to the upside. With the Fed and Powell's press conference on tap, caution is warranted.

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