Charles Schwab's Nathan Peterson says we are overbought in the short-term and expects to see sideways consolidation. That said, if bulls "punch above" S&P 500 (SPX) record highs, he sees a more interesting scenario ahead. One corner of the market pushing back against bearish trends: software, where Nate highlights a "bear trap" seen in the iShares Expanded Tech-Software Sector ETF (IGV).

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