HACK Attack:

Software security names overall have not performed as well as their software cousins as seen on the ratio chart compared to the IGV on the bottom of the HACK chart below. Of course, there are exceptions with PANW just 3% off all-time highs and acting firmly since a break above a short cup with handle pattern just above the very round 200 number on 5/24. FTNT is acting even better as it is at all-time highs and recently broke above a WEEKLY cup base that began in late 2021. Some names that have not been holding up their end of the bargain include OKTA now 36% off its peak made last August. ZS has been cut more than in half since its highs in late 2021. But there are other names that were former best-in-breed plays that are trying to reclaim that status. CRWD could be thrown into that conversation, NET too as it battles with a bull flag formation at the round 70 number, a level that it has been rejected at four times since February. The chart below of HACK is another one that solidifies our view that PRICE is omnipotent as it flat-out ignores multiple bearish candles on its march upward.

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