No True Victories on 9/11

It is tough to imagine that the beaten-down software and indeed many growth titles will immediately snapback to new highs in a single session or two, and perhaps not even before the FOMC one week from today. Having said that, with one of the more prominent growth security/software plays Zscaler (ZS) collapsing 25% this morning after earnings, it is noteworthy that most peers in the software space are at least attempting to hold green, albeit barely, in lieu of suffering another immediate leg lower. 

To be sure, this market still has its warts. But with housing, transports, financials, even energy acting better, we may just stay afloat at least into the FOMC. 

Beyond that, mega cap tech is acting like somewhat of a hideout. AAPL is the classic case. But GOOGL is arguably the best "FANG" chart on the board right now, despite antirust concerns from early in the summer. 

On the GOOGL weekly chart, updated below, the stock spent the summer forming a cup-and-handle formation, typically bullish and certainly a threat to resolve higher now as the stock is up again this morning. 

Overall, it is hard to declare this morning's action to be a decisive bull victory. But the ZS carnage seems contained for now. And with The Fed meeting still a week away, we might just get some better trading action until then.