Software likely underperforms the rest of Tech in July

The immediate pattern in SPX remains choppy and resembles a fourth-wave triangle pattern which requires one final pullback to new lows before bottoming.  After Tuesday’s decline, which brought prices right down to key near-term one-month uptrend line support, it’s difficult to make the case for an imminent breakdown.   SPX requires a move down under 3738 to suggest a retest of June lows is imminent.  Until that happens, one cannot rule out a bounce ...

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