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Chris Ciovacco said that semiconductors SMH and S&P 500 SPY have numerous areas of possible support below their current prices.
He invited readers to view an image for further detail.
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Ciovacco has previously grouped stocks as the good, the bad, and the ugly, providing charts and breakdowns of performance in an earlier report. He also recently observed a double-digit gain in the VIX and noted persistent weakness in AI and tech sectors, even as NYSE advancers outnumbered decliners in another update. These observations offer context to his current comments on support levels in major equity benchmarks.