Software Sector Starts To Fall Apart. Broader Sell-Off Ahead?
Michael Kramer | Jul 15, 2020 01:36AM ET
Some of these software stocks have seen real damage. Workday (NASDAQ:WDAY) drop below an uptrend that has been rising against since March. The stock could be on its way lower to $169.
Splunk (NASDAQ:SPLK) also broke an uptrend, and that could indicate a decline to $170, is coming.
Datadog (NASDAQ:DDOG) also broke an uptrend, maybe with a push down to $80.
Adobe (NASDAQ:ADBE) came close…
It isn’t a coincidence this happened because these all move together, but I’m not sure what it means. It could be the start of a broader sell-off in the group, and thus the QQQs. Or it could merely be a one day glitch and we resume the uptrend today.
I would tend to think it is not a glitch and that it is the sign of a broader sell-off, but only time will tell, and I will continue to watch these names closely, as you should too.
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