Two software stocks: AUR and SNOW

6/22/2026 – Both Aurora Innovation (AUR) and Snowflake (SNOW) are software stocks consolidating after sharp rallies within what could be bullish base-building patterns.

AUR shows a potentially bullish pullback above improving 13-, 26-, and 40-week moving averages (WMAs) across its absolute price chart, relative trend versus the S&P 500 (SPX), and volume advance decline indicator (VAD). Holding within the zone provided by the 38.2%, 50%, and 61.8% retracements of the November 2025 to May 2026 rally, at 6.66, 6.08, and 5.49, respectively, would maintain a constructive view on AUR. Within this zone, defending the rising 13-WMA at 6.08 would provide added confirmation.

Under this scenario, AUR could rebound back to its early-June and mid-May peaks in the 8.07 to 8.56 range, with additional upside toward the January and February peaks from 9.83 up to 10.77.

Chart 1: Aurora Innovation (AUR) (top), relative to the S&P 500 (center), and volume advance decline indicator (bottom): Weekly chart

SNOW is building a potential four-year big base. Ideally, the stock's pullback from early June defends the zone between the 38.2% and 50% retracements of the early-April to early-June rally at 221 and 201, respectively, along with the upward-shifting 40-WMA at 204, which would maintain a higher level of conviction in SNOW's base-building process. If needed, the upward-shifting 13- and 26-WMAs and the 61.8% retracement near 184-181 offer additional support.

In addition, the large upside gap from May 28 between 229 and 179 coincides with the Fibonacci retracement zone highlighted above (see Chart 3 below).

If SNOW defends its retracement levels, improving WMAs, and big upside gap as support, the technical setup favors a push back to the early-November 2025 and early-June 2026 peaks at 280-285, where a decisive breakout is required to confirm the big base and establish longer-term upside potential toward the 2021 and 2020 highs at 405 and 429, respectively.

Chart 2: Snowflake (SNOW) (top), relative to the S&P 500 (center), and volume advance decline indicator (bottom): Weekly chart

Chart 3: Snowflake (SNOW): Daily chart

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