During the past three sessions, the Semiconductor HOLDRs (SMH) has climbed above key near-term prior high and trendline resistance at 29.60/80, and has continued still higher towards a test of its February recovery rally peak at 30.24.

The juxtaposition of my near and intermediate-term work with the price structure argues for a thrust above 30.24 on the way to the 32.00/60 area prior to the completion of the next recovery upleg.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.