The leaders in the software space are making their presence felt. FTNT is higher by 70% YTD. DOCU has jumped more than 19% over the last one-month period. NET and CRWD have advanced 50 and 30% respectively over the last 3 months. TTD after a 10:1 split has screamed upward to the tune of 26% over the last 4 weeks. This of course has helped the Nasdaq, and the ratio chart below shows how it is outshining the semiconductors in fine fashion. The SMH is now lower by 4%, double that of the IGV, from highs made just last week. The top component in the SMH in NVDA recorded a bearish engulfing candle Wednesday and followed through lower by more than another 2% Thursday. AMD is now 10% off highs made on 1/11 and today did reverse and managed to CLOSE above a double bottom pivot of 89.30. MU is in bear market mode 20% off its peak from 4/12 and sitting on 200 day SMA support. Remember ratio charts compare one instrument to another to show which one is acting better than the other. It does NOT mean both of the instruments can not be acting well on their own, however. Each of the ETFs are in uptrends at the moment, and perhaps it will be the semis that take the baton soon as they did in the February-March period against software.