$SMH ETF Rebounds 4% After 13% Decline, 2.5% Early Gain, Triggered by Mean Reversion Signal at $199

$SMH, the semiconductor sector ETF, experienced a significant rebound on July 22, 2024, rising approximately 4% after a previous decline of 13%. Early trading showed a positive movement of 2.5%, indicating a strong recovery from oversold conditions. Analysts noted that the bounce was triggered by a mean reversion signal from Stocklabs, which flagged the sector as oversold. The last time this signal was activated was on April 19, 2024, when $SMH was priced at $199. Support levels for $SMH are identified at 245 and 240, as traders assess the market's direction following the recent volatility.