Chart of the Day - Monday, August 2nd, 2021

Today’s Chart of the Day was shared by Mike Moses (@DominickMike). It's a daily candlestick chart of the Semiconductor ETF, $SMH, over the past 1.5 years. The top-weighted stocks in this ETF include, $TSM, $NVDA, $ASML, $AMD and $QCOM. Semiconductors gapped higher to start the week and closed at another record high today. Semiconductors are the chips that are found in virtually every electronic device. Due to their numerous uses, Semiconductor stocks serve as a leading indicator for both the Technology sector and the broader market. This bellwether industry group is clearly resolving higher into uncharted territory after a six-month consolidation. While there continue to be some bearish developments out there, this certainly isn't one of them. Remember; you can't have a party without the chips!