Chart of the Day - Thursday, June 5th, 2020

Today’s Chart of the Day was shared on Twitter by Larry Tentarelli (@LMT978). It's a daily bar chart of the Semiconductor ETF ($SMH) over the past 14 months. The Nasdaq closed at an all-time high today for the first time since February. Perhaps more importantly, Semiconductors printed a fresh all-time high as well. Semiconductors are the chips that are used in virtually every electronic device. Because of their widespread use, technicians often look to Semi's as a leading indicator. Some even argue Semi's have become a better economic bellwether than Transportation stocks over the decades. Seeing this key industry group leading the charge higher, and breaking out to new all-time highs is yet another box that the bulls can now check off their checklist. Remember, you can't have a party without the chips!