The broader market is fairly mixed with one clear leader: technology. I am also seeing mixed performance within the technology sector and within specific groups. Semiconductors are strong overall, but groups like cybersecurity are more mixed. This makes it a stock pickers market. In such conditions, I am looking for individual stocks that are emerging as leaders. Today’s article will focus on CyberArk Software (CYBR), which was covered this week in ChartTrader. The chart below shows CYBR breaking out of a falling wedge with a strong advance over the last two weeks. It is an emerging leader because it recently broke the 50-day SMA and exceeded its mid May high (breakout). In addition, the overall pattern and retracement look like a correction within a long-term uptrend. CYBR is well above the 200-day SMA and the decline back to 225 retraced around half of the prior advance, which was a whopping…
