Conclusion, Investment Implications, Strategy
The iShares Expanded Tech-Software Sector ETF is in the midst of a February 2023 major uptrend, according to its 200-day moving average, amid expanding investor assets and relative emerging relative outperformance versus the S&P 500 (SPY). Together, these factors establish favorable conditions for more outright strength and relative outperformance from IGV and other Technology/Software related assets.
IGV Making New HIghs Amid Expanding Assets & Relative Outperformance Versus SPX
The upper panel of Chart 1 below shows that the iShares Expanded Tech-Software Sector ETF (IGV) is in the midst of a February 2023 major uptrend, as defined by its 200-day moving average, that originated in February 2023. IGV has most recently broken major overhead resistance at 88.82, clearing the way for further gains. The middle panel shows that the total net assets invested in IGV (AUM) are in the midst of a Sep 10th trend of monthly expansion. Expanding assets indicate bullish conviction in higher prices. The lower panel shows that IGV is also in the midst of an Oct 4th trend of quarterly relative underperformance versus the S&P 500.
As long as these three conditions remain true, IGV is likely to continue moving higher in the weeks ahead.
Chart 1
Current Sector & Industry Group Ideas
Table 1 below is also accessible via the Asbury ETF Trade Ideas rectangle at the top of the Research Center.
Click the table to make it larger