Software Acting Anything But:

The IGV registered its best WEEKLY CLOSE since the last week of 2021 on Friday, and the WEEKLY chart has the look of a cup with handle add-on trigger of 371.66. A move above that level would negate a break BELOW the bullish 3-week pattern with the 3 weeks ending between 7/14-28 which all CLOSED within just .77 of each other and a bearish WEEKLY engulfing candle the week ending 9/15. The last 2 weeks have gained more than 10% as MSFT, the top holding in the fund now at an all-time high, has broken robustly above a 3-week tight pattern as the 3 weeks ending between 10/6-20 all CLOSED within just 1.06 of each other. ADBE is now at 52-week highs and it is looking to break out of the range between the very round 500-600 numbers. ORCL, the fourth largest holding in the ETF, has risen 9 of the last 11 sessions since a bullish harami cross completed on 10/27 (and the 2 down days fell 12 and 15 cents) at the very round par number. Both the semis and software names are acting well as they compete for supremacy, just 2% off their most recent 52-week highs.

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