Today’s Chart of the Day was shared in a research note by Frank Capelleri of Instinet (@FrankCappelleri). It’s a daily bar chart of the iShares Software ETF, $IGV. In the note, Frank explains that Technology is a heavily weighted component in all the major indices and says “the major indices will live or die by its performance.” Within the Technology sector, Software has been the clear leader. Yesterday, the Software ETF was up over 3%, a sign that investors were eager to jump back into risk-on areas of the market. Frank adds that “investors couldn’t get back in fast enough yesterday.” Continued strength from the Software ETF would be bullish for the Technology sector as well as the broader market.
