I think we are going to have a false break out next week and then a hard pull back to uptrend line. This market loves to set up bears and bulls traps. Be careful.
The chart posted is that of the IGV INDEX AND ETF . Simple if we break it the bear market has 35 % more downside and into mid june 2023 BUT WE RALLY MUCH MORE then the US$ is in freefall.
Based on price action I believe the IGV will continue to fall as earnings approach and a continued risk of high inflation we could see some continued selling off of the IGV.
Break of Trendline plus break of structure Price consolidated and broke trendline 3:1 RR
It looks like IGV (tech software sector) has reached a bottom for now. It touched the uptrend line dating back to 2009. There is a lot buying volume in the last couple of weeks. It could be a good time to start buying into the top 3 holdings (MSFT, ADBE, CRM) of this ETF. Please evaluate own risk before trading or investing into this ETF.
IGV $IGV iShares Expanded Tech Sector Initial Short. TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.
Comparing the performance of the IGV ETF versus the S&P 500 and the NASDAQ indexes since September 30, 2021.
Conviction: 3/5 Better to wait until we break above downtrend resistance line, but overall looks strong seemed to bounce off 100WMA RSI-W at historical buy points bounced off (for now) 50% retracement RISKS Very expensive relative to historical trend
IGV, a Software based ETF, is currently at the 200sma which has shown support before. It is also at horizontal support from February highs. Trade setup is drawn in chart. The risk-reward-ratio is above 4. Top 10 holdings MSFT (10%) CRM (9%) ADBE (9%) INTU (7%) ORCL (6%) NOW (5%) ADSK (2%) PANW (2%) SNPS (2%) WDAY (2%) Good luck.
IGV this growth puke not any worse vs Feb/March, same as $QNET Nasdaq Internet Index posted. Look at where this one closed Friday, right at Feb peak.
0. We love this ETF; 1. We have done very well since the end of March with this; 2. One of our best kept secrets; 3. $300 Entry, or whenever, and $400 all day long; 4. Top Holdings: IGV Sectors Software75.86% IT Services & Consulting14.98% Internet Services7.36% Toys & Juvenile Products1.09% Business Support Services0.21% Integrated...
iShares Expanded Tech-Software ETF vs VanEck Vectors Semiconductor ETF ratio