SMH Trend Breaks As Micron Earnings Hit After Bell

Summarize the following YouTube trading video transcript. Extract:
- Stock tickers mentioned and any price levels (support, resistance, targets, stop-losses) associated with each
- Key trading strategy
- Indicators used
- Entry/exit rules and suggested trades
- Timeframes mentioned
- Risk management tips
Format the summary in clear bullet points.

Transcript:
{transcript}

Here's a summary of the YouTube trading video transcript in clear bullet points: **Stock Tickers and Price Levels:** * SMH (Semiconductors): support at 703.09, potential resistance at 737.95 * MU (Micron Technology): support at 738.43, potential target above $740 * SPY (S&P 500 ETF): support at 700-729, potential resistance at 739-741 * Qs (QQQ ETF): support at 703.09, potential range of 738.43 **Key Trading Strategy:** * Focus on the inclining trendline and follow its direction * Be cautious when semiconductors (SMH) lead the way, as they can fail quickly * Look for confirmation of a breakdown below yesterday's low before entering long positions **Indicators Used:** * Inclining trendline * Gap fill at 737.95 * RSI (Relative Strength Index) on gold and SPY **Entry/Exit Rules and Suggested Trades:** * Enter long positions when the inclining trendline is confirmed, ideally after a gap fill or a bullish candle * Set stop-losses below yesterday's low or the support level at 703.09 * Consider scaling out of long positions if PCE data is released tomorrow morning **Timeframes Mentioned:** * Near term (tomorrow): focus on PCE data and potential impact on SPY * Medium term (next few days): continue to monitor trendline and potential resistance levels * Long term (weeks/months): consider broader market trends and potential changes in interest rates **Risk Management Tips:** * Set stop-losses below support levels or yesterday's low * Consider scaling out of long positions if PCE data is released tomorrow morning * Monitor RSI on gold and SPY to identify potential bounce opportunities