Hello everyone, welcome back to the U.S. stock analysis channel. I’m lorder. It is now 8:05 p.m. Eastern Time on Tuesday, August 11, 2026. The four major indices continued to trade on declining volume today; only the Russell posted a slight gain. The market essentially treaded water for another session. On the sector side, Communication Services was dragged down by a drop in Google and performed relatively poorly. I’ll walk through Google’s price action a bit later.

The market right now is waiting for the U.S. CPI data due out on Wednesday. That number is expected to have a fairly pivotal impact on expectations for the Fed’s September meeting. The weak July nonfarm payrolls report has already prompted market participants to dial back rate-hike expectations. Yesterday, the probability was around 51%; today it slipped further to just 48%. If tomorrow’s CPI isn’t shockingly high, the expectation is that rate-hike odds will continue to decline, which would be a supportive tailwind for the market.

The market was pretty quiet today, so we’ll have to keep our discussion on the lighter side as well. But there is some important information that’s worth supplementing while we have this lull in the action. I’ll touch on a little macro first, and then we’ll go through individual stocks, including Google, which I just mentioned, and IGV. I haven’t tracked IGV with you over the past few days, and it has bounced for several sessions. Today, I’ll run through several of IGV’s key component stocks with you, starting with Oracle and going all the way to Adobe. The three cybersecurity names below—since they’re near new highs, we’ll skip those. The focus is mainly on these names that many of you may be more involved in. Right now, it’s unclear whether they’re just bouncing or actually reversing, and whether to hold or not. There are a lot of questions, so I’ll just go through them all at once to give you a clearer picture.

Before we get into those individual names, let’s talk about a little macro first. In reality, the market is currently dominated by three main themes: the first is oil prices, the second is interest rates, and the third is artificial intelligence. At times, the trading focus shifts among these three. For example, when oil prices surged above $100, any further spike upward would cause a huge stir in the market. Then, artificial intelligence later became the market’s trading theme, including AI-related sub-sectors like optical modules, memory, other hardware, GPUs, CPUs, and so on—each got traded in wave after wave. So, looking at it now, have these three themes become any clearer compared to July?

Overall, the market is waiting for catalysts like the CPI data and next week’s retail earnings reports. General sentiment has stabilized after the pullback in July, and there’s a lack of compelling reasons for a major sell-off. On the macro front, the short-term risks around the three dominant themes—oil, interest rates, and artificial intelligence—have eased somewhat, but uncertainties remain.

Let’s start with Google. Google fell 3.6% today on no material negative news. This is viewed as a “backing up the truck to pick up passengers” opportunity within the uptrend that followed its breakout above 1344. The technical structure hasn’t changed. It has already broken above the 1344 support level, and the current decline can be seen as a pullback to test that breakout level. The overall outlook remains bullish.

Next, let’s look at the software sector via IGV. IGV is currently priced around 103 to 104 and has been unable to break through the key resistance level at 107. It’s consolidating at a high level. A breakout would initiate an upside structure; otherwise, it could turn back down. For now, we remain on the sidelines.

For Oracle, the technical structure is relatively narrow. Support levels are dense below, roughly every ten dollars, and resistance levels are similarly dense above, also roughly every ten dollars. It lacks the momentum for an independent move, and its price action is highly dependent on the performance of the IGV sector. It’s a wait-and-see situation here as well.

PLTR is currently priced around 175 and is testing the resistance level at 192. It hasn’t broken through yet. A breakout would target new highs; otherwise, it could pull back to the 134 to 145 area, which is the upper boundary of the prior consolidation range and a gap level. It’s currently in a sideways pattern with no clear direction.

For CRM, we’re cautiously watching for a bounce. Keep an eye on whether it can break through the 198 resistance level. After a breakout, the bounce targets would be the 235 to 277 area. But note that its movement is also influenced by the overall IGV sector.

INTU has already broken above the 293 to 321 zone. Resistance is dense above, in the 346 to 363 area. It’s still too early to talk about a return to a true uptrend; that would require a breakout above 426. For now, it’s a swing bounce following the broader market, lacking an independent trend. We’re viewing it as a swing bounce.

ADBE is one to watch for a bounce. It has found support on increased volume in the 235 to 248 zone and is now testing the 255 to 268 area, which is also where its 200-day moving average sits. After a breakout, it has the potential to bounce further toward the 322 to 361 area. The range from 268 to 322 is not a small one. Its right side of the chart is still very far away, up in the five-hundreds, so we can only take the upside one level at a time. In particular, the areas I’ve marked as very strong are ones you must pay close attention to. These are typically spots where a bounce arrives; breaking through is a major positive, but failing to break through and reversing sharply is the norm.

Finally, let’s look at APP. APP is currently priced around 317 to 319. A downgrade by an institutional rating agency caused it to gap down nearly 6% today on heavy volume, pushing it right up against the key 317 support level. If the closing price or opening price effectively breaks below 317, it could trigger a deeper decline. 317 is the stop-loss level for a breakdown. The current view is bearish or risk-off.

After going through the individual stocks, I still need to highlight a few risk points. First, macro data risk: if the upcoming U.S. CPI data comes in far above expectations, it could rapidly push up rate-hike expectations and long-term Treasury yields, weighing on equity valuations. Second, geopolitical uncertainty: if the U.S.-Iran conflict drags on until the November midterm elections, it could reignite market concerns about energy prices and inflation. Third, artificial intelligence sector risk: this sector has extremely high earnings expectations and is sensitive to negative news. Risks include a slowdown in the growth rate of capital expenditure by large tech companies, news of slowing demand, and credit-risk events at individual companies. Finally, individual stock technical risk: several software stocks are near key resistance levels. If they fail to break through, they could turn lower. APP is already on the verge of a breakdown. The current market lacks clear direction and is dependent on short-term catalysts like CPI and retail earnings. If these catalysts fall short of expectations, the market could remain range-bound or choose a downward path.

So, that covers the main situation for the major software component stocks. Names like PMW, CrowdStrike, and FTNT are all cybersecurity stocks trading near their highs. Since all three are considerably overvalued and there’s not much to say technically—they’re consolidating at high levels with a structure that’s still at new highs—I won’t track those three for you. Today, I used this relatively quiet period to check in with you on the software names you frequently ask about and are most concerned with, including the situation with Google. We won’t go into anything else. Alright, that’s all the content for today’s program. That’s it for now. We’ll see you at the same time tomorrow, after the CPI data. Until then.