SMH - Trying To Get Back Into Bullish Territory

Yesterday's break below ~$267.70 puts SMH on track to move lower towards the other side of the lookback periods (ORANGE & RED dotted line) at ~$255-$249.

Only a move back above $267.70 puts the bulls in control.

Given the way the S&P's are trading and the negative tape at large, I favor shorts in SMH.