Software as a sector has been very weak. However, there are a few exceptions. More established companies seem to be holding well and trying to reverse. $ADBE and $INTU both are looking strong in the sector. Both are well established older companies and I think bulls are still scared of stocks that are smaller and hyper growth focused. Software led the markets the past few years and some of those companies wont be around if this recession actually happens. Rising rate economies aren't good for those types of companies. But these two, ADBE and INTU, are much better positioned for this environment. Software may not end up the leader again, eyes on you solar, but I like both of these companies long term.
Of course market can turn down again but I would feel fine holding ADBE or INTU for as long as it takes and this looks like a good entry for the moment. For those that don't want to hold forever, use the trendlines below as a SL.
Of course market can turn down again but I would feel fine holding ADBE or INTU for as long as it takes and this looks like a good entry for the moment. For those that don't want to hold forever, use the trendlines below as a SL.