IGV Falls 2.8% to $104.73 as Software Rally Hits $107.60-$108.60 Resistance
Updated
Updated · Reuters · Jun 3
IGV Falls 2.8% to $104.73 as Software Rally Hits $107.60-$108.60 Resistance
1 articles · Updated · Reuters · Jun 3
Summary
IGV dropped 2.8% on Tuesday to $104.73 after running into a technical resistance band at roughly $107.60-$108.60 following Monday's sharp advance.
The pullback came after the software ETF had surged about 44% from its April 10 low, including a 6% jump on Monday that briefly pushed it back into positive territory for 2025.
That rebound followed a slide of more than 37% from the sector's September 2025 peak to April lows, when investors feared AI could undermine software business models.
Chart analysts say the broader recovery remains intact if IGV holds above its 200-day moving average near $99 and an uptrend line around $95; a clean break above resistance would point to about $116 and then the record high near $118.