Software producer Adobe Systems (ADBE) plunged 13.6% on Friday as investors reacted negatively to the company’s latest earnings report and guidance. The shares, however, had already been struggling technically on an individual stock and on a relative strength bases for some time ahead of the results.
Adobe fell out of the green zone in the SIA S&P 100 Index Report and the turn to relative weakness was featured in the February 21st edition of the Daily Stock Report. Since then, the shares dropped 9.1%, while the S&P 100 Index is up 2.7%.
Following a drop of 18 spots in the SIA S&P 100 Index Report on Friday, to 68th place, ADBE has returned to the Red Unfavored Zone for the first time since May of 2023.