Memory to the Test

Micron Technology (MU) reports this Wednesday evening, a rather late-season week to report. Coupled with the war in Iran on top of the FOMC on Wednesday during the session, it is easy to see how MU's earnings report may be overlooked.

Recall that Micron is a leading global manufacturer of semiconductor memory AI and data centers, among other purposes. In recent months the likes of MU as well as Sandisk and a few others have overtaken the Magnificent 7 plus last year's growth leaders like HOOD PLTR as the dominant tech upside momentum leaders du jour. 

Hence, I view MU's report this week as uniquely important for a late-season earnings call. 

On the first daily chart, below, MU came within a few dimes of printing new highs today, as SNDK did the same. On long-term timeframes, MU has gone vertical pretty much nonstop since last April's lows (SNDK since last September). 

On the second daily chart for the SMH ETF, semis are diverging from their leaders, possibly near completion of a head and shoulders top which, again, places emphasis on the next big directional move from the likes of MU SNDK as we know NVDA has been sideways for months on end.