Mr. Softee Firming:
The IGV recorded a bullish hammer candle Wednesday with a late session POST-Fed rally. The ETF is top-heavy with some “old tech” names and below is the chart of the third-largest holding in Microsoft. ADBE is the largest and it REPORTS Thursday after the CLOSE. It already recorded a CLOSE above a cup base pivot of 525.54 on 6/10 rising more than 4%, and perhaps even more bullish acted well POST breakout with the next 2 sessions rising another 4%. CRM recorded a nice 5.4% earnings-related gain on 5/28 and then filled in that gap on 6/3 from the 5/27 session before launching another run higher. Of course, ORCL the fourth largest component was a drag, and most likely prevented the IGV any chance of CLOSING green Wednesday. INTU is on its first 5-week winning streak since the very start of 2019. MSFT is sniffing out a cup base pivot of its own with a trigger of 263.29. There has even been some M&A in the space, which by the way ignited the semis to technology leadership last year, with NUAN and CLDR being swallowed up among others.