Semiconductors (SMH) Reaching Another Cliff

The semiconductors staged a nice rally over the past few weeks and one that negated out previously bearish pattern discussed here: http://steadytrader.wpengine.com/semiconductors-are-messing-with-a-bearish-pattern/

To be fair however, the Philadelphia Semiconductor Index (SOX) still remains lagging the S&P 500 and is now falling out of a rising bear flag:

The SMH now again looks precarious as it's sliding below the 50 day moving average (yellow line) and the most recent uptrend in place since March.

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