Software’s Historic Seven-Week Stretch 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Stacey Lee.
The Software ETF (IGV) just posted its best single-day gain in over a year and closed higher for a seventh consecutive week.
IGV has rallied more than 36% during that span, marking its second strongest seven-week advance on record, trailing only the rebound off the post-dot-com lows.
Software also reclaimed its long-term 200-day moving average, and combined with a relative breakout versus the S&P 500, the beaten-down group looks ready to lead again.
The Takeaway: The combination of momentum and relative strength points to a durable trend shift in software.
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