Chips Remain Stuck In The Mud – SMH, ARMH, NVDA, MRVL

Many of the leading semiconductor stocks continue to struggle to catch a bid higher. The important and highly followed Merrill Lynch Semiconductors HOLDRS ETF (NYSEARCA:SMH) is trading lower by 0.12 cents to $44.45 a share. Short term traders should watch for intra-day support around the $32.20 and $32.90 levels. The daily chart price for the SMH is now trading well below the important 50 moving average. This chart position puts this important ETF in a vulnerable position on the charts. It is also important to note that the SMH is short term oversold and small bounces are always possible.

Some leading chip stocks that are declining lower today include ARM Holdings plc (ADR) (NASDAQ:ARMH), NVIDIA Corporation (NASDAQ:NVDA), and Marvell Technology Group Ltd. (NASDAQ:MRVL). All of these stocks mentioned here are nearing short term oversold conditions on the daily chart, therefore, small bounces are possible in the next few days.

About Nicholas Santiago 575 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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