Yesterday we noted the Biotechs had lower to go, and lower they went. Typical of today’s momo driven markets IBB took the express elevator right to the projected support zone all within one afternoon. If the sector is going to rally and keep things normal, it should begin from around the 50 day moving averages (+/-) as it has in the past.
Here is the weekly view of the Biotech Index we use in NFTRH. We had been noting that it was bullish but driving too far above the gentle upward arc. Now that is solved. I am not planning to be any kind of committed bearish on this market until leaders like this abdicate. Even after the running of the momo’s, BTK remains bullish as of now.
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