Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark rose ~3% and is on the right side, slightly below a pivot ($117), of a five-week base consolidation.
Quantitative metrics remain mixed, with Up/Down Volume ratio above 1 while Acc/Dist Rating remained negative. The IGV continues to be
led by select large-cap ideas including CRWD, IBM, PANW, PLTR, SNOW, and ZS which are at or near their pivot. Two of the 12 industry
groups have shown improvement in the Group Rank over the last four weeks, with Medical (#72; VEEV) showing the sharpest
improvement, followed by Security (#90; CRWD, PANW, ZS). We recommend focusing on ideas with a rising RS line that are holding above
key moving averages.
Commentary: The crypto market remains in an Uptrend Under Pressure. We are cautious on the crypto space as GBTC continues to trade
below resistance at its 50-DMA. It is up over 3% for the week after bouncing off support at the 200-DMA ($81.59; 6% away). GBTC has a
mixed technical profile, with a good RS Rating of 72 but the lowest possible A/D Rating of E. Meanwhile, ETHE is up almost 3% so far
this week but remains below its 50-DMA, with support at its 100-DMA ($30.67; 5% lower).
Please refer to the attached PDF for the full report.
IG Ranking (as of October 17, 2025)
Software (IGV): The software benchmark has consolidated over the past four weeks and is currently testing support at its 50-DMA ($111).
Quantitative metrics remain mixed, with Up/Down Volume ratio of 1.1 and negative Acc/Dist Rating. Ideas setting up or near their pivot
include AXP, CRWD, DDOG, PANW, PLTR, and TTWO. Three of the 12 industry groups have shown improvement in Group Rank over the
last four weeks, with Medical (#94; VEEV) showing the sharpest improvement, followed by Security (#82; CRWD, PANW) and Enterprise
(#48; CRWV, DDOG, PLTR, SHOP, SNOW). We recommend focusing 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 continues to retrace from 52-week highs. It is down 9% for the week
and, in the process, it has breached its 21-DMA, 50-DMA and $85. Next level of support: the 200-DMA ($81.36). GBTC has a poor technical
profile: RS Rating of 73 and an A/D Rating of E. Meanwhile, ETHE was down 6% for the week. The crypto market has been shifted from
Confirmed Uptrend to Uptrend Under Pressure.
Please refer to the attached PDF for the full report.
Software (IGV): The software benchmark pulled back into its base after a 3% selloff on Friday. The IGV breached its 21-DMA ($114), with
the next level of support at its 50-DMA ($111). Quantitative metrics have weakened, with the numerical Acc/Dist Rating turning negative for
the first time in a month, along with a letter rating of C-. Leading ideas – CRWD, DDOG, PLTR, SNOW, and ZS – staged a downside
reversal on Friday but remain at or above their 21 DMA. Four of the 12 industry groups have shown improvement in Group Rank over the
last four weeks, with Security (#88; CRWD, PANW, ZS) showing the sharpest improvement, followed by Medical (#86; VEEV) and
Enterprise (#45; CRWV, DDOG, PLTR, SNOW). We recommend a cautious approach given Friday’s selloff. Monitor how leading
constituents respond to 21-DMA support.
Commentary: We are positive on the crypto space as GBTC is breaking out of a flat base (pivot: $96.62). It is down 1.5% this week and is
testing support at its 10-DMA ($94). Next level of support at the 21-DMA ($92.2), followed by the 50-DMA ($90.5). GBTC has a high RS
Rating of 86 and an Acc/Dist Rating of B-. Meanwhile, ETHE is down 4% and is testing support at its 50-DMA ($35.4).
Please refer to the attached PDF for the full report.
