Is This a Top or Another Trap in Semis? 🌤️ The Morning Print

Good morning! 

Semiconductors may be carving out a potential head-and-shoulders top.

We saw a similar development back in March, when SMH briefly broke down before reversing sharply and launching into a rally for the ages.

Will this be another failed move that turns into a fast move higher?

Or is this the setup that marks the beginning of a larger correction for semiconductor stocks?

Volatility across the group has been extreme, with the Semiconductor ETF posting multiple 4% swings in both directions over the past few months.

SK Hynix, the global leader in memory chips, begins trading today in the U.S. through its ADR listing.

Its debut is likely to provide an important read on investor appetite and overall sentiment toward the semiconductor trade.

And we just saw what happened with the last two major IPOs in Cerebras and SpaceX.

Today will be a big day for semis.

Let's see how it plays out.

The Green Light Live Event

The index is near record highs.

The average stock is having a much rougher year, and that gap is the whole reason a good-looking chart keeps stopping you out. 

Grant Hawkridge reads the current environment live and names the groups he expects to lead into Labor Day. 

Free live training, July 15th at 8 PM ET. 

Grab your spot here.