Software Supremacy:
Software has been the strongest subsector in tech with the group up almost 5% over the last one-month period. During that timeframe, it has doubled the gain of the semiconductors. And that is a pretty strong statement given some of the action within the chips, most notably AMD. Other names in the space that have flourished after earnings have been ON and MXL. But software has seen some solid strength for stocks like DDOG, TEAM, ASAN, and even older names like MCFE that broke powerfully above a double bottom pivot near 29 on Thursday. COIN has acted well since filling in a gap on 8/3 from the 7/23 session and has risen 10% alone in the last 2 days. The IGV tested the very round 400 number after breaking above it and it held firm. On 7/27, 8/2-3 the ETF was below the round figure intraday but all three CLOSED above it. That level should now be a floor going forward, and it is sprinting above yet another bull flag today on above-average volume.