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🇺🇸 Market Closure Reflection
On Friday, the semiconductor sector surged sharply, with SMH up by +5.76% for the day, closing at 659.88.
It's just one point away from the 52-week high of 663.80.
This is not a broad rally. The Dow only moved 0.14%, the S&P 1.08%, and the Nasdaq 1.91%.
Funds are concentrating in semiconductors. NVDA +2.95% to 210, Q +2.51% to 740.
Chip ETFs are nearly three times stronger than the market.
SMH's current position is very delicate. The previous high of 663 is right overhead, and it hit it once at the end of March but didn't break through.
This time, with a 5.76% surge, it either pushes through the previous high to turn it into support next Monday or it’s another false breakout.
I'm not sure which it will be, but Friday's momentum doesn't seem like a test.
NVDA at 210 still has 12% room to reach the 52-week high of 236.
If SMH leads the charge past the high, NVDA's catch-up potential is even greater than SMH itself.
Next week's focus: Can SMH hit a new high?
If yes, the chip rally is accelerating.
If not, we need to reassess whether this wave is the final frenzy.