Software Bending?
Software looked as if it wanted to take over technology supremacy over the semiconductors but a nascent breakout from the IGV is putting doubts into that theme. The ETF recorded a bearish harami cross on Monday (the second session was a doji candle which is adept at signaling potential changes in the prevailing direction). It is looking shy once again at the very round 300 number but may just be retesting the recent double-bottom breakout pivot of 293.14 from 3/29. At the very least one wants to avoid laggards in the group who have NOT been participating like TWOU ESTC or an NCNO. Below is the chart of COIN which has traded erratically and is now 65% off most recent 52-week highs, but has had powerful thrusts higher. It now looks as if another descent is in the cards, more than the one that has already occurred from the 85 area. Bitcoin-related rival MSTR recorded its own doji candle on Tuesday right at the very round 300 number, its third rejection there in the short space of 2 months.