When the Semiconductor ETF is up 3%, SPY is still grinding at 0.5%. No hesitation with today's money—just charging in one direction. SMH at 651. Still 3% away from the 52-week high of 671. NVDA at 198. The key $200 level is right in front of us. DXY is still hovering near the 52-week high of 101.3, and the dollar hasn’t loosened up. With this backdrop, chips rallying like this—honestly, I’m not sure if we can hit new highs. SMH aiming for 671. If it breaks through, look for 700. If not, this rebound ends here.