Today, many of the leading cloud software stocks are coming under some heavy selling pressure. This industry group has been leading the tech heavy NASDAQ Composite higher recently, but it is now having it’s second distribution day since July 9th, 2020. Traders and investors that want to track or trade the cloud software sector can use the iShares Expanded Tech-Software Sector ETF (IGV) or the First Trust Cloud Computing ETF (SKYY).
Some of the leading stocks in the sector that are falling today include Shopify Inc (SHOP), The Trade Desk Inc (TTD), Coupa Software Inc (COUP), Twilio Inc (TWLO) and many others. At this time, this decline is really just a pullback in these stocks from an overbought condition and nothing more, but it is worth monitoring. It should be noted that the tech heavy NASDAQ Composite is also currently very overbought and extended. Should the NASDAQ Composite experience a few more distribution days it could be signaling something more serious for most of the leading technology stocks.
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