Commentary: We remain cautious in the crypto space and will reassess our stance if GBTC is able to retake its 50-DMA ($90). GBTC is up 2% this week. Support is at the 100-DMA ($84.79), followed by the 200-DMA ($79). GBTC has mixed technical ratings: high RS Rating of 87 and an average Acc/Dist Rating of C. Meanwhile, ETHE was down 1.3% for the week and is testing support at its 21-DMA.
Key points from this week’s report:
Please refer to the attached PDF for the full report.
• Brazil’s Bovespa index rallied 2.5% last week and made a new 52-week high. The index remains in a Confirmed Uptrend. We recommend investors add risk in Brazilian equities.
Software (IGV): The software benchmark continues to consolidate below its 50-DMA ($109). The next level of support is near the rising
100-DMA ($104). Quantitative metrics remain weak, with Up/Down Volume ratio below 1 and a negative Acc/Dist Rating. Most constituents are basing. However, select payment ideas – MA, STNE, and TOST – are setting up or near pivot, while SNOW and ADSK are worth monitoring as they posted better-than-expected results. We recommend a patient approach, with a focus on ideas with a rising RS line that are holding above key moving averages.
Commentary: We remain cautious in the crypto space, as GBTC is down more than 4% this week. It has breached its 21- and 50-DMA.
Support levels are at the 100-DMA ($84), followed by the 200-DMA ($79). GBTC has mixed technical ratings: good RS Rating of 87, declining RS Line and an Acc/Dist Rating of C-. Meanwhile, ETHE is down more than 8% for the week. Support level: 21-DMA ($35).
Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark is consolidating below its 50-DMA ($109) followed by the next level of support near ~$104
and the rising 100-DMA ($103). Quantitative metrics remain weak, with Up/Down Volume ratio of below 1 and a negative numerical
Acc/Dist Rating. Large-cap leaders- MSFT, ORCL, PLTR, SHOP, and RBLX – have pulled back and are testing support near their
key moving averages. Select ideas – VEEV, FROG, and MA – are bucking the overall weakness across software groups and are
trading near pivot ranges. We recommend investors focus on ideas with a rising RS line that are holding above key moving averages.
Commentary: We are turning cautious on the crypto space as GBTC fell more than 4% this week and, in the process, broke below support
at its 50-DMA. Following this week’s action, GBTC has been shifted to Uptrend Under Pressure. Next level of support: 100-DMA ($82.75; -6%
lower). GBTC has a mixed technical profile: high RS Rating of 86, downward trending RS Line and an Acc/Dist Rating of C-.
Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark continues to consolidate, currently 6% off its all-time high, and slightly below its 50-DMA ($109).
The next level of support is near ~$107 followed by ~$105. Quantitative metrics continue to weaken, with Up/Down Volume ratio falling
below 1 and the numerical Acc/Dist Rating remaining negative. Although a select group of large-cap leaders — MSFT, ORCL, PLTR, NET
— remain in an uptrend and are still holding above key support levels, a growing number of software constituents, including ADSK, CRM,
HUBS, NOW, and TEAM remain under distribution. Only two of the 12 industry groups have shown improvement in Group Rank over the
last four weeks, with Desktop (#36, LIF) showing the sharpest improvement, followed by Design (#60, U). We recommend 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 almost 2% so far this week and is trading above its 21-DMA and 50-
DMA. GBTC has a high RS Rating of 91 and an Acc/Dist Rating of B-. Meanwhile, ETHE is up 13% this week and is making year-to-date
highs. We recommend investors add risk in Bitcoin and the crypto ecosystem.
