Fundamentally, Healthcare tends to be more resistant to a weak economy. Medical Devices, H/C providers, BioPharma, services, etc. In other words, it’s less cyclical than the cyclical stuff.
As a TA novelty, I’ve drawn up a long-term Cup & Handle in the ratio of H/C (XLV) to the broad market (SPY). It’s a novelty because chart patterns are novelties in their own right and now a pattern of a ratio? Even I am suspect of that. But here it is anyway.
Of more importance is the relative trend, which made a higher high earlier this year and has a chance to make a higher low. If so, this is a buying opportunity relative to SPY/SPX. That does not mean H/C will go up if the market corrects, but its ratio could do so.
Meanwhile, nominal XLV is crazy. Much like how we viewed the potential in the gold miners last weekend. The measurement is what it is as long as this breakout above what is now key support (with the SMA 50 rising toward it) holds up.
 Adding a crazy weekly chart for more perspective.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.