Let’s consider the semiconductor ETF for a moment, symbol SMH. I dumped my August puts at a loss and bought into deeper-in-the-money and shorter-timeframe June $250 puts instead. Resistance, in my opinion, is 233.14:
Major components of this ETF have bounced mightily over the past couple of weeks. I would suggest that the dashed red lines below for AMD and NVDA are important litmus tests for whether or not semiconductors in general will flip lower.
