Thematic - Technology losing momentum and relative performance

The XLK has been losing upside momentum on an absolute basis and has recently broken its relative performance vs. the S&P 500. Our multi-factor technical model has been picking up this deterioration in recent weeks, where the score has gone from a top level of +10 to now at +5.30. The Software group, as measured by the iShares (IGV) ETF, has been deteriorating at a rapid pace with a decisive break of its relative performance line and a weakening of its model score. We recently shorted COUP in that space.