Two sector ETFs just hit golden pocket support—tonight's CPI will decide everything.
$SMH (Semiconductor ETF)
Perfect tap of the 0.62 Fibonacci retracement from the Sept-Oct rally + bounced hard off the 50-day MA. Clawed back 2.3% from intraday lows. Key level: reclaim $600. If it holds today's low, bulls can leverage CPI for a counter-rally. Lose it? Weak bounce = risk-off mode.
$DRAM (Memory ETF)
Even bloodier than semis, but the bounce was violent. Nailed the 0.62 Fib support from July + filled the entire $51-53 gap. Best-case scenario: gap-up open into a full breakout, isolating today's candle as the bottom. But if it gets rejected at $53.5-54 resistance, watch for a bull trap.
This kind of action—flush at open, reclaim by close—screams smart money testing liquidity and accumulating on the dip. CPI tonight is the catalyst.
$SMH (Semiconductor ETF)
Perfect tap of the 0.62 Fibonacci retracement from the Sept-Oct rally + bounced hard off the 50-day MA. Clawed back 2.3% from intraday lows. Key level: reclaim $600. If it holds today's low, bulls can leverage CPI for a counter-rally. Lose it? Weak bounce = risk-off mode.
$DRAM (Memory ETF)
Even bloodier than semis, but the bounce was violent. Nailed the 0.62 Fib support from July + filled the entire $51-53 gap. Best-case scenario: gap-up open into a full breakout, isolating today's candle as the bottom. But if it gets rejected at $53.5-54 resistance, watch for a bull trap.
This kind of action—flush at open, reclaim by close—screams smart money testing liquidity and accumulating on the dip. CPI tonight is the catalyst.