Software Took the Baton:
Have the software names done their job giving the semiconductors a chance for a breather before their next leg up, or can they both enjoy an upward trajectory together? I think the latter, but one can see here just how quickly the IGV has caught up to the SMH here. The daily chart of the IGV below shows the nice action POST breakout from a double bottom base, and we know leading instruments tend to do just that, and not pause at the scene of the crime. Check. If we were to look at some of the top ten holdings in the ETF it suggests it may need a prudent pause. The fifth largest component in INTU could find some obstacles here after a quick 100-handle run that began with a bullish piercing line and hammer candle on 5/31 and 6/5 respectively. It has now filled in the upside gap from the 5/23 session (notice the doji the session before that predicted possible fatigue). On the bright side, CRWD is bull flagging and a break above 395 would carry a measured move to 485. And I never really put much thought into the laggards but what if former leaders like AKAM SNOW or MDB start to resurrect themselves?