The IGV Tech-software ETF bucked the weakness on US indices overnight with stocks like Intuit Inc and Salesforce closing higher, but we believe there’s a very good chance they now reverse lower after enjoying a countertrend bounce. Our ideal roadmap would see one more washout wave of selling across US tech-software stocks, delivering an exciting risk/reward buying opportunity in the $US70-75 area – remember in this market anything is possible!
- The IGV ETF has hit our technical target, leaving us keen buyers into new lows below $US76.
MM is neutral towards the IGV ETF around $US87
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