Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark staged a downside reversal, gapped down ~3.6% and breached its 21-DMA ($110). Next level of
support is at its 50-DMA ($107). Quantitative metrics have weakened, with the numerical Acc/Dist Rating turning negative, and a letter
Acc/Dist Rating of D+. Most ideas are pulling back and testing key levels of support with very few ideas at/near pivot points including BSY
and SSNC. Most industry groups have deteriorated in Group Rank over the last four weeks. However, Gaming ( #13, RBLX), Desktop (
#29, MSFT), and Design (#47 , CDNS) remain favorable. We recommend that investors take a cautious approach and trim ideas breaking
below key levels of moving average support.
Commentary: The crypto market remains in an uptrend but has six distribution days, with three added in the last 10 sessions. GBTC is
down 1% in early trade, breaking below its 21-DMA ($91.1). To remain constructive, we would like to see no further clustering of distribution
days. Support is at the 50-DMA ($86.9). We recommend booking partial profits in extended names like HOOD and FUTU.
Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark gained ~1% and remains with the pivot range of its stage-one cup-with-handle base. It is at its
all-time high, with next support at its rising 10-DMA ($111). Quantitative metrics remained constructive over the last week, with Acc/Dist
Rating remaining positive and Up/Down Volume ratio at 1. Ideas that are either setting up or in the actionable range include BSY, CNDS,
FTNT, PANW, and VEEV. Four of the 12 industry groups have shown improvement in Group Rank over the last four weeks, with Design
(#94; SNPS) showing the sharpest improvement, followed by Gaming (#11, NTDOY) and Enterprise (#34; SNOW). We recommend that
investors focus on ideas with a rising RS line that are holding above key moving averages.
Commentary: The crypto market remains in an uptrend. GBTC is up 1.4% this week, building on momentum after breaking out of a stage
four flat base on July 10. Support levels: its 21-DMA ($89.22), followed by its 50-DMA ($86). GBTC has a strong RS Rating of 91 and an
Acc/Dist Rating of B. We recommend investors add risk in Bitcoin and the crypto ecosystem.
Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark gained 3% last week and is emerging from a stage-one cup-with-handle base. The IGV is near
its all-time high, with support at its rising 10-DMA ($110). Quantitative metrics have turned constructive over the last week, with Acc/Dist
Rating turning positive again and Up/Down Volume ratio rising above 1. Ideas that are either setting up or in the actionable range include
BSY, NTDOY, PEGA, SHOP, TOST, and TWLO. Multiple groups are ranked favorable across the O’Neil 197 industry groups, led by
Gaming (#19, RBLX), Security (#26, CRWD), and Medical (#27, VEEV). We recommend that investors focus on ideas with a rising RS line
that are holding above their key moving averages.
Commentary: The crypto market remains in an uptrend. GBTC has gained 1% this week and is trending constructively above its short-term
moving averages after breaking out of a stage-four flat base (pivot: $88.36). Support levels: 21-DMA ($87.14), followed by its 50-DMA ($85). GBTC has a strong RS Rating of 92 and an Acc/Dist Rating of B+. We recommend adding risk in Bitcoin and the crypto ecosystem. Refer to the tables below for actionable names.
Please refer to the attached PDF for the full report.
