SMH: Key levels as uptrend continues

6/19/2026 – The VanEck Semiconductor ETF (SMH) has continued to rally so far in June, averting the risk of weaker June seasonality (May 19 Straight from the Chart).

While above 626-616 (broken 61.8% and 100% extension levels, the 6/12 weekly high, the 6/19 weekly low), the immediate pattern is constructive with the next target at 669 (100% extension of the late-May to early-June rally projected from the 6/12 weekly low) and potential upside to 740 (161.8% extension) and 777 (161.8% extension of the April 2025 to February 2026 rally projected from the early-April low).

The volume advance decline indicator (VAD) has pushed to new highs, confirming the rally and supporting the case for additional upside as long as SMH continues to hold above key support at 626-616. We view this support as important for risk management within SMH's extended uptrend.

Chart 1: VanEck Semiconductor ETF (SMH) (top), relative to the S&P 500 (center), and volume advance decline indicator (bottom): Weekly chart

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