Semiconductor stocks have delivered outsized gains in recent weeks, and the most common question we are getting now is when to take profits. In steep uptrends, our approach is to monitor short-term trend-following gauges rather than trying to pick a top. For stocks like Micron (MU) , the slope of the 20-day moving average (MA) is a simple but effective proxy for short-term trends. Once it rolls over, it tends to be a good time to reduce exposure to a degree and let the trend reset. MU is in a steep uptrend, with a recent flag breakout reinforcing short-term upside momentum. The steepness of the uptrend warrants risk management because the stock is stretched roughly 44% above trailing support from its 50-day MA ($569). In cases like these, we watch the 20-day MA as the key short-term trend gauge. When the 20-day MA is rising, we generally assume the path of least resistance is higher. Once it begins to roll over, the risk of a correction increases. When profit-taking unfolds in MU and its peers, relatively oversold software stocks could benefit . A ratio of ETFs representing semiconductors versus software has completed a short-term double top pattern associated with a counter-trend "sell" signal from the DeMARK Indicators®. A decisive break below the 50-day MA would mark an even more meaningful shift in favor of software over semiconductors. The charts suggest the turnaround in software stocks that we highlighted in early May still has room. Salesforce stands out with a favorable setup on its weekly chart. A counter-trend "buy" signal from the DeMARK Indicators® and improved momentum per the weekly MACD suggest a significant low has been established. Today's breakaway gap in CRM is an additional positive, and weekly stochastics have upside to overbought territory. The setup supports upside follow-through toward resistance near $229. The rising 50-day MA is initial support near $181. Software stocks with fresh intermediate-term catalysts, like CRM, appear well positioned to pick up any slack from semiconductor stocks. Risk management is prudent as trends steepen in the semiconductor sector and relative strength fades. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. 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