Software stocks in the U.S. and Canada are going through a “relative breakdown,” according to Jonathan Krinsky, chief market technician at Bay Crest Partners LLC. Krinsky cited an exchange-traded fund that’s linked to the S&P North American Expanded Technology Software Index in a report Tuesday. The ratio between the index and the S&P 500 fell 16% through Tuesday from a record set in December, according to data compiled by Bloomberg. Along the way, the ratio reached its lowest level in a year. Our View It’s All About Friday’s Jobs Report The ( ESM21:CME) traded back up to 4180 during yesterday’s S&P 500 index trade. The future rallied 60 points off Tuesday’s 4120.50 low. We could do a big thing on all the ‘ups and downs’ but that’s not what we are going to do today. What we can say is that late in the afternoon, the Nasdaq futures that were weak all day reversed and the ES went down with it. In the end, the overall tone of the ES was firm but remains susceptible to the whims of the (NDU21:CME) In terms of the day’s overall trade, 1.3 million ES traded, down nearly 600,000 from Tuesday’s volume.