The Semiconductor HOLDRs ETF (AMEX: SMH) continues to carve out a rounded base-like pattern since late July, which resembles an inverted head-and-shoulders. Today's upside continuation off of Monday's pivot low at 36.80 has pushed prices towards the neckline resistance plateau between 38.80-39.10, which if hurdled and sustained, should trigger acceleration towards 40.50-42.00. At this juncture, only a plunge that breaks 37.90 will begin to compromise the developing pattern.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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