We used this weekly chart in NFTRH to note the ugly top in Semi Equipment leadership to broad Semi well before the Q4 broad market correction started.
Here is a more tactical weekly view for managing the trends in AMAT & LRCX vs. broader SMH. Thing 1 is highly suspect and Thing 2 is much less so, but declining to test a would-be supportive moving average. It’s safe to say that no new uptrend is yet indicated in these ratios.
Here is a daily chart from NFTRH’s Market Internals segment showing some leadership views, with Semi prominently displayed.
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