The Technology sector continues to struggle, showing little evidence of a tradable low.
Within it, software plays a crucial role in gauging market strength.
These have been the best stocks to own over the past 15 years.
They’re true secular leaders. They are some of the best businesses.
Basically, as they go, so goes the market.
The Software ETF $IGV is retesting its prior cycle highs from 2021.
This level has acted as resistance multiple times in the past, and now I’m watching to see if it flips into support.
With so much price memory here, I can’t think of a more logical place for software stocks to bottom and catch a bid.
Buyers need to step in and defend the 88 level. Otherwise, IGV would be added to the list of major breakdowns, increasing selling pressure across the board.
JC is hosting his Monthly Conference Call Strategy Session for All Star Charts Premium members TODAY at 8:00 p.m. ET.
