Software To Stand Up?
Compared to the semis in both, PRICE action and earnings announcements software is lacking. NEWR was an absolute disaster and is a fresh reminder that any disappointments will be taken out to the woodshed. Reports from AMD QCOM and ON to name a few were well received. Below is the chart of ZEN which REPORTS tomorrow after the close (and I would wait before taking action). It has a couple of things going for it at the moment. One is the slope of the 50 day SMA is now flatlining, and it is sporting a very short bullish inverse head and shoulders pattern that started at the beginning of 2022. a move above 104 carries a measured move to 118, which would fill in that gap to the upside from the 10/28/21 session. Software has some proving to do. The IGV is once again lagging the SMH this week, up 3.4% compared to the SMH higher by almost 6% heading into Thursday. It will be interesting to see what DDOG has to say tomorrow morning.