AMD update

Although the HS pattern did not materialize and AMD rallied with the INTC's number, the week ended up with  a red candle with "window" (gap).  The two gaps actually formed an island reversal pattern. This is not good technically. Both INTC and SMH looked week again after INTC Q3 results.  INDU was making new highs without semi and tech which is very troublesome.  The following SMH chart illustrates the weakness of semi with several red candles showed up at the upper trading band where normally green candles reside.  It rises a red flag for the bull and it is time to play defense.  If the 3rd indicator turns red in the next few trading sessions, it is very likely that this bull rally for semi (potentially for the market) is over.  Stay tuned!  Good luck!