$SMH ETF Plunges 7.7% in April, Hits -2.58% in Robinhood, Eyes 201-196 Levels

The semiconductor sector ETF, $SMH, has experienced a significant downturn in April 2024, continuing a pattern of weakness observed in previous Aprils. The ETF is down 7.7% for the month, and it also reported a -2.58% change in Robinhood's 24-hour trading. This trend of April declines is notable given that such a drop of more than 10% has been extremely rare since 2000. The recent weakness in $SMH is attributed in part to disappointing earnings from $TSM, which has also impacted other major tech stocks like $MSFT, $AMZN, $AAPL, and $TSLA, all of which showed significant weaknesses. Conversely, stocks like $NVDA managed to hold above the 50-day moving average, and $GOOGL and $META were reported strong. Additionally, $NFLX's decision to stop reporting subscriber numbers has not been favorably received by the market. The next support levels for $SMH are projected at 201 and 196.