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Semiconductor ETF (SMH) has been much stronger than the broad market since the 2009 low, almost doubling the gains of the S&P 500 in the past 9-years. The long-term trend on this leading index remains up at the time.
The near vertical rally over the past couple of years saw SMH test the 2000 highs in January & February, where a monster bearish reversal pattern took place last month at (3), as it was attempting a breakout.
As the month is nearing an end, SMH has been soft in April and it is testing steep 2-year rising support at (4).
Support is support until broken and SMH is testing a very important support line this month, following a monster reversal pattern last month. What SMH does at support should send an important message to this leader and the broad markets going forward.