Software to the Rescue?
The software space has been holding up better than the semiconductor space so if technology is going to get going it may need the IGV to step up. Give the ETF credit for CLOSING near highs for the session Wednesday and gradually distancing itself from its 200-day SMA. This fund is now 12% off its most recent 52-week highs, showing relative “strength” with the SMH 19% off its annual peak. It has been affected by some high-profile earnings misses with CRWD falling 6% Wednesday but did end up recording a bullish hammer candle. TTD, which cratered 33% on 2/13, is now more than 50% off its peak made in early December and since then has declined 11 of the last 13 weeks. Lesser known plays, but that were generals prior, are PEGA which gapped down 20% on 2/13 after an ill-received release have been left for dead. Its WEEKLY chart here suggests bottoming after a doji candle last week at the 50 WEEK SMA (notice the doji called the top the week ending 2/7) and heading into Thursday this week a bullish hammer is forming. APP jumped 24% on 2/13 but has since fallen more than 200 handles and sports a bear flag at the very round 300 number. Wednesday’s action could be interpreted as a bullish morning star, it just can not take out this week’s lows.