Tech leadership
SMH/SPY · One of the nine sensors MacroLens watches daily.
What it measures: Semiconductor stocks vs. the whole market
How to read it: Rising = chipmakers leading; falling = tech losing its pull
Why investors watch it: Chips sit at the front of the tech supply chain — historically, sustained tech leadership has accompanied risk-on markets, and its fading has often preceded broader cooling
Currently neutral — held 6 trading days. No clear leader — chips and the broad market moving roughly together Last change: Jul 1, 2026.
What would flip this reading: This reading shifts toward a new trend as it crosses its 21-day average (0.834); today it sits 3.0% away.
Flip history
| Date | Change | Reading |
|---|---|---|
| Jul 1, 2026 | bullish → neutral | 0.832 |
| Jun 8, 2026 | neutral → bullish | 0.809 |
| Jun 5, 2026 | bullish → neutral | 0.772 |
History of state changes only — not a prediction, and not a claim about what followed. Data via Yahoo Finance.