[edit] post unlocked to give public readers an idea of how NFTRH manages the entirety of the market (not just special interests like precious metals, tech, semiconductors, etc.) every step of the way – as an interrelated entity composed of many parts – to interpret and refine probabilities.
Since we monitor the Biotech sector along with the Semiconductors as a momentum leader, let’s look at Bio’s downward momentum today. Here is the chart from this morning’s ETF update, getting walloped but still above the SMA 50 and the trend channel.
The sector is not broken down and may indeed be providing an opportunity as big guns CELG and GILD (on material news regarding Express Scripts and AbbVie) get hammered.
The point of this update is however, to give you a view on a still unbroken momo leader.
Here is the usual BTK weekly chart for reference.
Biotech is either providing a buying opportunity during a low volume holiday week or if it fails the parameters of the two charts above, a warning on the market. As with so many other markets, the bull has the ball until he no longer does.
