The best performing subsector of technology, the software space, is showing some potential technical signs of fatigue. Question is, is it just a well needed rest off a very strong 37% move off the bottom, or the start of something more sinister? Below is the chart of the IGV, and today it recorded a bearish engulfing candle, as top components MSFT, CRM and ADBE all CLOSED near session lows. CRM has been encountering issues trying to climb back above its 200 day SMA, and ADBE finished 20 handles off its intraday highs. On the bottom of the chart presented here is the ratio chart against the semiconductors, and it is showing the likelihood of semiconductor outperformance with the bearish head and shoulders pattern present. There is still an enormous amount of names to report this week that could affect this relationship, but again competitors fighting to make each other better, usually benefits both. The very near term should give us some clarity about the substance of this big market move off the low.