Trend Signal Now: Chart of the Day: As Semis Go, So Goes the Market

Friday, April 10, 2026

As Semis Go, So Goes the Market

The market is starting to repair the damage from Q1. Key levels are being reclaimed, and bulls are stepping back in.

And a big part of that strength is coming from one place: Semiconductors.

If I had to pick the most important group in the market, this would be it. These companies are the backbone of the modern economy and one of the best gauges of risk appetite.

What stands out the most is how resilient they’ve been. Even through the volatility and messy price action earlier this year, semis held up.

And now, they’re breaking out.

The VanEck Semiconductor ETF $SMH just closed at new all-time highs, continuing its steady uptrend of higher highs and higher lows.

Price is now pushing through that key 405 area — the level I’m watching closely.

Above that, the path of least resistance is higher. Clear skies for a new leg up.

And if semis are starting a fresh move higher, what does that say about the broader market?

Probably nothing bearish.

When you overlay semis with the S&P 500, the relationship is clear.

They move together — but more importantly, semis tend to lead. They’re the first to break out, the first to signal risk-on behavior.

And that’s exactly what’s happening right now.

As semis go, so goes the market.

If this breakout sticks, I think it’s worth leaning into it.

I started putting money to work yesterday, buying calls in $NVDA.

We shared that trade with our Wave Trader members. If you want the full details, you can join us risk-free today.

Stay sharp 😉

Alfonso De Pablos, CMT

Director of Research, All Star Charts

Alfonso De Pablos, CMT | Director of Research, All Star Charts

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