It's Gonna Take Patience and Time

Gauging the post-holiday price action early on, even with the JEC for KEYW buyout offer combined with some early relative strength in bios and software it is still more likely than not that this market needs just a bit more time to reset itself before a potential new leg higher.

Mind you, that fresh rally may very well come when many market players are fixing to call it a summer and head out around May, which would be consistent with how tricky the market can be at times--Chop everyone up in April and then bust loose just when the "Sell in May and Go Away" crowd begins their annual chant. 

In spots like these, with plenty of software charts still sound and looking ripe to eventually break higher, including SMAR TTD ZS, among many others, I am reminded of the lyrics from the old George Harrison song, "Got My Mind Set On You."

Time and patience may be two key factors for bulls for now, especially as we must navigate a loaded week of earnings and a market in limbo. But as long as we do not see material technical damage begin to impact the software names it is tough to become too bearish.