The semiconductor ETF (SMH) broke down out of its uptrend on Wednesday, triggering what is likely a hard fall in the coming days and weeks. The uptrend was one of the longest on record, matching gains not seen in an index of this size in decades. It is now over. The break-down will likely trigger a exodus of institutions, taking the semi index (SMH) to $74.00 in the near-term. This level will be the first bounce level of significance.