SPHB

Given SPHB's Stage 4 decline and active Support Failure, the medium-term bias is bearish. In the short term, price is oversold and extended below declining EMAs, making fresh shorts unattractive. We will defer selling into rallies back into the broken support zone and around the 9/21 EMA region.

• ↑ETF rebounded ~3% as markets stabilized, highlighting recovery potential.
• ↑Tech exposure 44.2% and Industrials 15.4% positions SPHB for cyclic recovery.
• ↓Top holdings like AMD plunged 7–12% amid a semiconductor selloff.