Software Slips π The Daily Chart Report
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Todayβs Summary
Wednesday, February 4, 2026
Indices: Dow +0.53% | S&P 500 -0.51% | Russell 2000 -0.90% | Nasdaq -1.77%
Sectors: 7 of the 11 sectors closed higher. Materials led, gaining +2.35%. Tech lagged for the second straight day, dropping -2.79%.
Commodities: Crude Oil rose +1.93% to $64.43 per barrel. Gold rose +1.03% to $4,985 per oz.
Currencies: The US Dollar Index rose +0.26% to $97.65.
Crypto: Bitcoin is currently down -4.20% at $72,485. Ethereum is down -5.06% at $2,117.
Volatility: The Volatility Index rose +3.44% at 18.63.
Interest Rates: The US 10-year Treasury yield rose to 4.280%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by @TheProfInvestor.
- Software ($IGV) is currently testing its anchored VWAP from the 2022 bear market lows, coinciding with the highest single-day volume on record.
- On a relative basis, software is completing a massive multi-year top versus the S&P 500 ($SPY).
- Now on pace for its worst two-week decline since covid, software has been a drag on the broader tech sector, pushing the Nasdaq ($QQQ) into negative territory for the year.
The Takeaway: Software remains a headwind for technology, with record volume today as price tests a key anchored VWAP.
Quote of the Day
βWatch what is acting well,
not what you think should act well.β
- Stanley Druckenmiller
Top Links
SPX, KRE, Silver, IGV & XLE Chart Breakdowns - CappThesis
Frank Cappelleri examines several charts approaching key inflection points.
Growth Loses It. Value Takes It. - The Daily Number
Grant Hawkridge highlights valueβs recent outperformance relative to growth.
The Great Decoupling: Why Tech is Bleeding While Value Soars - Trading Trends
John Salama outlines why technology continues to lag value.
On Track - Weekly Asset Allocation Review
Fidelity's Jurrien Timmer reviews the current market backdrop.