Record Underweight, Massive Short, Historic Oversold — Software’s Explosive Setup

Two days in a row

IGV has printed two large up candles back-to-back, something we haven’t seen in quite some time. Whether this marks a durable bottom is impossible to say, but price has reclaimed the key $80 level. The steep downtrend sits just above current levels, with the 21-day around $84 acting as the next test. The 50-day moving average near $95 highlights just how severe the software unwind has been.