EarningsBeats Digest

Published: Fri, 03/05/21

EarningsBeats.com Digest for March 5, 2021

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Can This Software Leader Hold Key Price Support

There has been much written and said recently about how higher treasury yields will begin to slow many of the high-growth companies. I'm not a believer of that theory as I believe growth will do incredibly well in the months and years ahead. But for now, that's the narrative that's playing out. One industry group that's succumbed to the recent selling is software ($DJUSSW) and one of its leaders - Cadence Design Technologies (CDNS) - has had a very tough week and is now testing very important short-term price support:

Based on the channel that I've drawn above, it's possible that we see a quick violation of price support just above 125, but hold onto the rising channel support line just beneath 125. Friday's jobs report will likely have a significant impact on equity trading in general, and more specifically, is likely to impact the relative performance of growth stocks like those found in software.

Happy trading!

Tom Bowley

Chief Market Strategist

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