We have used this chart in NFTRH to gauge the state of the ongoing secular bull market in Biotech vs. other Tech. The series of higher highs and higher lows this millennium is intact. But the breakdown below the supportive moving average has been ongoing for the better part of 2 years now. No further comment other than to say that this is a very interesting juncture as Bio is in its second month of a hard relative bounce.
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