🏆 Today's Chart of the Day was shared by Steve Strazza (@sstrazza).
- The Software ETF ($IGV) just posted its best week since April, rising +5.2%, and its best relative performance versus the S&P 500 since November 2022
- Steve notes that both the cap-weighted ($IGV) and equal-weighted software ($XSW) ETFs are rebounding sharply after undercutting support last week, and reclaiming their April low anchored VWAPs.
- A durable recovery from Software would provide a meaningful tailwind for the S&P 500 into year-end, given that Tech is the largest sector, and Software, its most dominant industry group.
The Takeaway: Software just posted their best weekly relative performance since 2022 after reclaiming key support. Further leadership from Software would be very healthy for the S&P 500.
