Now would not be a bad time to take a look at this SMH, the semiconductor ETF (daily chart shown above-click to enlarge).
It broke out of a months-long 33-36 trading band on 4/24 with a gap and on high volume. It has been consolidating since and is now a little bit above 36 (previous resistance) and "coincidentally" right above its 50-day moving average. Call me conventional but, if SMH is going to rebound and keep its bullish move going, theory says it should do so at about this level. I will probably buy some July 37.5 calls on Tuesday.