Software (IGV): The software benchmark declined 6% last week and breached support at the 200-DMA ($105) on above average volume. It
is 14% off its all-time high and trading below all its key moving averages. Next support is near $96. Quantitative metrics are weak, with
Up/Down Volume ratio below 1 and the lowest possible Acc/Dist Rating of E. The decline was broad-based across the IGV constituents and
led by names such as DDOG, MSFT, ORCL, PANW, and PLTR. We recommend a cautious approach and suggest reducing exposure as
ideas break below or fail to regain key levels of support.
Author: Romeo Alvarez
Romeo Alvarez is a senior equity analyst at William O’Neil + Co., a registered investment advisor serving 400 top-performing institutional portfolio managers worldwide. The firm employs 150 associates in Los Angeles, New York, Boston, and London.
Based in the firm’s Los Angeles office, Mr. Alvarez is a senior equity analyst covering the Americas region and a member of the Global Focus List Committee, which approves all equity recommendations for developed, emerging, and frontier markets. Romeo also selects equity initiations to be covered in the Technology sector and regularly reports to clients on innovation and technology developments in Trend Watch.
Mr. Alvarez earned a B.S. in Business Economics from the University of California, Riverside, and an MBA with a focus in Finance from Loyola Marymount University, Los Angeles.
O’Neil Global Cryptocurrency Weekly
The crypto market remains in a Downtrend. We remain cautious on crypto as GBTC continues to trade below its 200-DMA. It is down over
8% on heavy volume so far this week and is trading 32% off highs. The next level of support is at its April low of $59.79 (12% lower). GBTC
has a weak technical profile, with an RS Rating of 18 and the worst-possible Acc/Dist Rating of E. Meanwhile, ETHE is down 10% so far
this week and has breached its 200-DMA.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index rallied 2.4% last week and hit an all-time high. The index remains in a Confirmed Uptrend with no distribution days. We recommend investors add risk in Brazilian equities.
- Mexico’s main benchmark retraced 1.7% and undercut the 50-DMA last week. The index was shifted to an Uptrend Under Pressure with nine distribution days. We recommend investors selectively add risk in Mexican equities.
O’Neil TMT Weekly
Software (IGV): The software benchmark declined ~2% on above average volume and is testing support at the 200-DMA ($104).
Quantitative metrics have deteriorated as the RS line is testing March lows along with an Acc/Dist Rating of D-. The move lower was
led by cloud infrastructure stocks including CRWV, NBIS, and ORCL. Most vulnerable are payment-related stocks including PYPL,
TOST, and STNE as timely short ideas. Only select few stocks remain constructive. Long ideas including CRWD, IBM, MDB, and
SNOW which have pulled back and trading at/around pivot. We recommend a cautious approach, reducing exposure as ideas break
below or fail to regain key levels of support.
O’Neil Global Cryptocurrency Weekly
Cryptocurrency – Technical Overview
Commentary: We remain cautious in the crypto space as GBTC continues to trade below 200-DMA. It is down 8% for the week and is trading 25% off its highs. We see the next level of support at $70. GBTC has a very weak technical profile, with an RS Rating of 27 and the lowest possible A/D Rating of E. Meanwhile, ETHE is down 9% so far this week and is testing support at the 200-DMA ($25.25). The crypto market remains in a Downtrend.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
-
- Brazil’s Bovespa index gained 3% last week and hit an all-time high. The index remains in a Confirmed Uptrend with only two distribution days. We recommend investors add risk in Brazilian equities.
O’Neil TMT Weekly
TMT – Indices Commentary
IG Ranking (as of November 07, 2025)
Software (IGV): The software benchmark declined ~5% and breached support at its 50- and 100-DMA. Support is at the low of its current base ($104), which coincides with the rising 200-DMA. Quantitative metrics remain mixed, with Up/Down Volume ratio above 1 and a worst-possible Acc/Dist Rating of E. The decline was led by select large-cap AI ideas, including PLTR, MSFT, and ORCL. However, under-the-radar select SMID cap names, including DDOG, DOCN, FROG, PCOR, QLYS, and U, showed strong price action. Only few ideas remain actionable – CRWD, IBM, MDB, and SNOW. Four of the 12 industry groups have shown improvement in Group Rank over the last four weeks, with Medical (#84) showing the sharpest improvement, followed by Security (#86). We recommend a cautious approach.
O’Neil Global Cryptocurrency Weekly
Commentary: We shifted the crypto market to a Downtrend from an Uptrend Under Pressure as GBTC breached its 200-DMA. GBTC fell
8% for the week and is testing support at its June low of $78.5. Next support is at its April low of $59.8 (-24%). GBTC has a weak RS Rating
of 39 and the worst possible Acc/Dist Rating of E. Meanwhile, ETHE declined 15% for the week and breached its 100-DMA. Next level of
support: its 200-DMA ($25.23; -7%).
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index gained 2.3% and hit an all-time high last week. The index was moved to a Confirmed Uptrend from an Uptrend Under Pressure. We recommend investors add risk in Brazilian equities.
O’Neil TMT Weekly
Software (IGV): The software benchmark remains in a flat base consolidation, testing support at its 21-DMA ($114) followed by its
rising 50-DMA ($113). Quantitative metrics remain mixed, with Up/Down Volume ratio above 1 while Acc/Dist Rating remains negative.
The IGV continues to be led by select large-cap ideas. This week, we noticed strong price action from security ideas – CRWD and ZS- followed by select consumption-related ideas including SNOW, DDOG, and new FL addition MDB. Four of the 12 industry groups
have shown improvement in the Group Rank over the last four weeks, with Medical (#81; VEEV) showing the sharpest improvement,
followed by Security (#70; PANW) and Database (#27; MDB). We recommend focusing on ideas with a rising RS line that are holding
above key moving averages.
