After the frenzied trading due to the earning release last week, SMG is right back to where it was. It found support around $76.50. On May 3rd the low trade was $76.60. On August 1st, the day of the release, the closing price was $76.66. This is a good example of why it is important to pay attention to where recent lows and recent highs were. I spoke about this in the recent Weedly Report.
If it continues to rally I would look for short-term resistance around $79.50 because that is where the low was in mid-June and the high / close last Tuesday. If this levels breaks to the upside I would consider a buy-stop just above it with my long-term target around $87.50. This is where the three prior tops were in May, June, and July.
So here is the trading idea. Buy-stop at $81 with a sell-stop after that at $79 and a sell target at $86.