Brian Shannon: SMH needs to undercut 6/9 low for stronger bounce

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Brian Shannon: SMH needs to undercut 6/9 low for stronger bounce — SMH may need new low for rebound

Brian Shannon, founder and full-time trader at AlphaTrends, stated that SMH experienced an intraday bounce from the VWAP tied to a ceasefire level.

Shannon added that for a more significant bounce, SMH would need to first undercut its June 9 low of 554.66 and revisit the VWAP anchored from its year-to-date low. He emphasized that current price action has not yet met these conditions.

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Shannon has previously identified a key supply zone for SPCX between 175 and 179.50, highlighting a potential resistance area in an earlier analysis of equity products. He has also highlighted possible market lows for Bitcoin and Ethereum, citing anchored VWAP signals and stating he is long both assets in a separate note on cryptocurrency trading. These posts indicate his frequent use of VWAP-based frameworks across different asset classes.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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