SPDR S&P 500 ETF TRUSTUpdated IGV as leading indicator?
Something I've notice in the past few yrs trading is that large selloffs always seem to be preceded by disproportionate tanks in software stocks like ADBE, CRM, etc... To see if I could confirm and illustrate this I took the correlation coefficient of IGV (software ETF) vs. SPY and overlaid it on the SPY chart.
So it seems (at least in the past year) whenever IGV seems to underperform the S&P, a selloff ensues. Of course this could purely be coincidence, but thought it was worth mentioning given that we're seeing it creep up again on this recent rally.
So it seems (at least in the past year) whenever IGV seems to underperform the S&P, a selloff ensues. Of course this could purely be coincidence, but thought it was worth mentioning given that we're seeing it creep up again on this recent rally.
Note
Software and momentum stocks like ADBE, OLED, INTU, V, MCD continue to dump regardless of industry... the cracks are showing and expecting the indices to rollover as soon as next wk.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.