I am a man who stares at charts. I see patterns and I get excited. I realize this is a noisy week with market regulators front and center and indicators like the VIX and dumb money are indicating extreme complacency and greed in play. In other words, an unhealthy sentiment profile.
That said, here is the Global-X Cloud Computing ETF looking like it has made a nice base and bottom. I hold CRWD and ANET, and others I have owned and/or watched over the last few years are DDOG, CRM, TENB, RING, etc. This chart makes me want to revisit and keep an eye on some of these. I may consider the ETF as well. But the broad US market risk backdrop stinks to high heaven. So there’s a caveat. This would theoretically be a ‘momo catch-up’ play.
This weekly chart’s RSI and MACD have gone positive and volume is building on the breakout above the green dashed neckline. Not bad. Worth watching if the FOMO/MOMO market keeps going in the near-term. A daily chart shows CLOU is overbought, so it might pay to be patient and see if it tests the neckline and works the O/B off a bit before trying it.