$VanEck Semiconductor ETF(SMH)$ SOXL finished up 15.9% at $141.93. I'm long from $111.50, so that's a gain of $30.43, or 27.3%. My stop was moved to breakeven at $111.50 and is now at $121.50.

Back on Aug 24, I said SMH was a house of pain and to stay open-minded about rotation. Rotation did show up, and the $578 close was the first real tell. Now we've got the second.

The pattern looks like a rounding base or inverse head and shoulders. The neckline was the $575–$585 band, which had the falling 50-day moving average and the August shelf. That level has now broken.

My momentum indicator is +10.5%, leading the 50-day RS ratio, which has flipped positive. Volume is only +5%, but it's above average for the first time since July 31. I'd like to see it expand further for the $600 level to actually stick.

Next supply zones are $605–$615, then $640–$672.