The Financial Select Sector SPDR Fund (NYSE:XLF) -- semiconductors -- exhibits a still-constructive set-up as the price structure has carved out a high-level digestion pattern off of its Feb. 21 high at 77.82. That pattern has come in for (so far) a soft landing that has preserved the integrity of its strong up-sloping 20-DMA (76.59) and its Jan.-Feb. support line, now at 76.40.
The VanEck Vectors Semiconductor ETF (NYSE:SMH) has pivoted to the upside off its 20-DMA and the near-term support line and is poised for upside continuation that projects into the 79 target area.
That said, let's notice that MACD remains in corrective mode, which could be a warning that upside acceleration might have to wait for more time and sideways price digestion prior to lift-off.
A sustained break below 76.40/20 support will inflict meaningful damage to the currently constructive set up.
Last is 77.28/30.
