Semi Leadership Updated

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.

amat, lrcx, smh

Here is a daily chart from NFTRH’s Market Internals segment showing some leadership views, with Semi prominently displayed.

us market leadership

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