Software is Back to the Panic Zone 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Ricardo Sarraf.
The Equal Weight Software ETF ($XSW) has pulled back into a notable level of interest.
The ETF just tagged the 61.8% retracement of its cycle low to high advance, which is the same area that marked the Yen carry unwind lows in August 2024 and the Tariff Tantrum washout in April 2025.
Each prior visit sparked meaningful upside reversals, making it a logical level for buyers to potentially step back in.
The Takeaway: Software is testing a significant support level that has marked the past two panic lows.
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